Child Support PEA Amount for 2015
The Australian Government Department of Human Services has set a minimum amount that must remain in a person’s wage after tax and child support has been deducted. This amount is termed as Protected Earnings Amount (PEA). The PEA is reviewed each year and adjusted on 1 January to allow for increases in the cost of living. For the year 2015, the PEA from 1 January is set to $349.13. This is the amount that must be set aside for your employee/contractor after tax and Child Support is deducted.
TFN Declaration Reporting
ATO has published The Tax file number (TFN) declaration reporting version 2.3.0 specification. This impacts the electronic lodgment of TFN reporting. The changes are effective 1st of July 2015.
In order to ensure compliance with these legislative initiatives Oracle has published revised position statement on My Oracle Support, Document ID 1632138.1. We encourage our customers to review the latest Statement to keep up to date.