BRM Holdich E-News
14 April 2014
The 15 May due date for many clients is looming. We are following up affected clients with lodgements to be attended to. We require your information as soon as possible and no later than 24 April 2014, to enable us to assist you in meeting your lodgement due date. Please let us know if there are any problems or queries.
Superannuation Guarantee Payments
There is still some confusion as to the rate of superannuation guarantee that needs to be paid from 1 July 2014.
The current rate is 9.25%. The Federal Government introduced legislation to defer the subsequent planned increases for two years – but on 25 March 2014 the senate voted against this.
So as it stands currently the Superannuation Guarantee rate will rise to 9.5% from 1 July 2014. We will keep you informed of any changes to the legislation.
Private Health Insurance
Changes to the private health insurance rebate came into effect from 1 July 2012 and we are finding clients who didn’t update their rebate entitlement are having to pay back some or all of the rebate on lodgement of their 2013 tax return.
The amount of rebate available is now dependent on an income test for individuals and families (threshold is doubled for families). The rebate starts to reduce from $84,000 and phases out to nil at $130,000 (for individuals). This income test is set to change from 1 July 2014, reducing from $88,000 and cutting out at $136,000.
If you think this will affect you we recommend that you contact your private health insurance provider and discuss the options with them. By choosing the correct rebate you can avoid the lump sum repayment at tax time.
Changes to Privacy Laws
On 12 March 2014 the Federal Government introduced new privacy legislation making changes to how private organisations handle information. These new Australian Privacy Principles (APPs) regulate the collection, use, disclosure and handling of client’s personal information. Most importantly:
- Personal information has greater protection in relation to direct marketing;
- Entities sending personal information to an overseas recipient now have an obligation to ensure the overseas recipient complies with Australian Privacy Principles, furthermore the Australian entity can be held liable for overseas recipients who breach these principles;
- Entities must take all reasonable steps to protect personal information from interference, misuse and loss, unauthorised access, modification and disclosure; and
- Reasonable steps must also be taken to protect against attacks on computer systems that could lead to leaked personal information.
The newly created position of Information Commissioner now has the power to investigate organisations that may be in breach of the Australian Privacy Principles and to fine organisations that are found to be in breach.
If you have any concerns on how this new legislation may affect you please contact our Director of Information Security and IT Assurance Jo Stewart-Rattray on 8168 8410.
ISACA Papua New Guinea Annual Conference
BRM Holdich’s Director of Information Security & IT Assurance was asked to speak at the ISACA Papua New Guinea Chapter’s Annual Conference. She presented one of BRM Holdich’s IT Strategy, Governance and Risk management forum topics “Corporate Alignment of Resilience and IT” which was very well received given the overall conference theme of “Business Resiliency through Technology”. Jo is a regular visitor to Port Moresby, taking part in 8 of the last 9 conferences. Information Security and IT Assurance professionals in PNG do not have many opportunities to gain the required continuing professional education hours to maintain their certifications so it is with the contributions of Jo and her colleagues that at least some of these opportunities are provided.
For further information about the IT Strategy, Governance and Risk series of webinars and management forums look up training on www.brmholdich.com.au/services.
Front row: PNG Chapter President, Justin Wohuinangu; Guest Speaker Dr Rama Subramaniam, Valiant Technology, Abu Dhabi; Jo Stewart-Rattray; Tony Hayes, ISACA International President Back Row: PNG Chapter Board members.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Bulletin. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. The Bulletin is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.
Level 8, 420 King William Street
Adelaide SA 5000