|December, 2003 - TasBuild News Info Flyer to Employers |
You may be aware that CoInvest, the Victorian Construction Industry Long Service Fund has recently reintroduced a contribution rate of 1.5% after employers enjoyed a 0% contribution rate for some years. Following a successful legal submission the Victorian Treasury granted CoInvest an exemption from GST in July this year. Based on CoInvest’s success in this area, TasBuild has again approached the State Treasurer asking for a review of their decision not to grant TasBuild an exemption in 2000. We are currently awaiting news in this area and we will advise if we are successful.
In the meantime please do not hesitate to lobby with your state government representative to help us remove GST from your contributions. Whilst you can claim your contributions back via an input tax credit, it is seen as a unnecessary administrative burden on employers in the Tasmanian Construction Industry. Tasmania is the only state in Australia where GST is payable on long service leave contributions.
DUE DATE OF LODGEMENT OF RETURNS AND PAYMENT OF TAX INVOICES
The Trustee has recently reviewed the due dates for the lodgement of returns and payment of tax invoices.
Please note the new lodgement periods below, that will take effect 1 February 2004. Ensure that you meet these deadlines to receive the full benefit of the subsidised contribution rate of 0.7%.
Monthly / Quarterly Returns are due the 14th day of the following month
Tax Invoices - Payment is due within 30 days of the date of the invoice
If your returns are not lodged or your tax invoice not paid by the due dates above the subsidised contribution rate of 0.7% will be revoked and the full contribution rate calculated at 1/60th of the ordinary pay (approximately 1.67%) will be applied. You will no longer receive a reminder from TasBuild that your return is overdue.
Any outstanding returns, up to and including the December 2003 return, that have not been submitted by
1 February 2004 will be calculated using the full contribution rate.
Similarly, any outstanding invoices that are overdue by 30 days or more on 1 February 2004 will be recalculated and the full contribution rate will be applied to those invoices.
Need assistance? Do not hesitate to contact our operations staff on 6233 7670.
BPAY via your Savings or Cheque Account
At your request the Trustee is currently implementing the BPay facility. The BPay facility is quick, easy to use and allows you to pay your invoices with the touch of a computer key or phone pad, 24 hours a day, 7 days a week !
Implementation should be complete by the February return period.
Watch out for the BPay logo which will appear on your tax invoice in 2004 !
|November 13, 2003 - Media Release|
COURT ACTION TO PROTECT EMPLOYEES
The Chairman of TasBuild Limited, Mr Des Hodgman advised that recovery action has commenced in the Magistrates Court against six employers who are in default of their obligations under the Construction Industry (Long Service) Act 1997 by failing to make contributions for their employees entitlements.
“The Board of TasBuild has announced a “zero tolerance” policy and employers within the industry that are not doing the right thing by their employees can expect quicker and tougher action in the future” he said.
TasBuild, a trustee company, operates under an Act of Parliament that requires employers in the Tasmanian construction industry to contribute to a portable long service fund on behalf of their employees. This fund ensures that long service entitlements owing to employees are preserved, even when employees change employers.
“The Board, who oversee this Trustee company, have a responsibility to ensure that long service entitlements owing to employees are protected and will do everything in their power to achieve this” Mr Hodgman confirmed.
As a consequence of this “zero tolerance” policy the Board has tightened up its Rules with regard to the submission of returns and payment of contributions. Employers who have not submitted their returns on time, or paid their contributions within 30 days of the date of the tax invoice will incur a penalty. “If employers do the right thing and submit their returns and pay their contributions on time the heavily subsidised rate, currently 0.7%, will apply, if they do not the subsidised rate will be revoked and the contribution rate of 1.67% will be enforced,” Mr Hodgman advised.