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2008 Information and Media Releases

October, 2008
 
IMPORTANT UPDATE
Contribution Rate Increases - 2009

The Board of TasBuild has reluctantly approved an increase in the employer contribution rates from the April 2009 and the October 2009 Returns.

These increases in rates will ensure the fund remains solvent at all times and that it's members entitlements are protected. A significant increase in employer and employee registrations has seen the Fund's accrued liability estimated to reach record levels in June 2009. Australia is currently experiencing extremely volatile conditions. The current global financial crisis has created uncertain times. The Board is charged with administering the Fund and it is crucial that they make decisions in the best interests of the contributors and beneficiaries. This necessitates evaluating and managing risk and making difficult decisions when such situations arise. The Board is confident it can continue to offer a heavily subsidised rate to employers for the foreseeable future and remain committed in achieving this important goal.

The cost to TasBuild to fund long service is 2.5% of a workers wage. The heavily subsidised rate of 0.3% currently on offer has been available to employers since July 2006. This rate was lowered from 0.7% at that time.

Tasmania will continue to have the lowest contribution rate of the other states and territories whose rates are as follows:

South Australia - 2.5%
Victoria - 2%
Western Australia - 1%
Australian Capital Territory - 1%

NB: Rates in the Northern Territory, Queensland and New South Wales are levied on construction projects.

EFFECTIVE FROM THE APRIL 2009 RETURN

Employers in the industry will be offered, when returns are submitted on time and tax invoices paid on time, a subsidised rate of 0.6%

EFFECTIVE FROM THE OCTOBER 2009 RETURN

Employers in the industry will be offered, when returns are submitted on time and tax invoices paid on time, a subsidised rate of 1%

Correspondence clearly indicates due date, if these dates are not met, returns and invoices are recalculated to the full rate of long service leave automatically. The Full Rate of Long Service Leave is 2.5%

Are Your Workers Taking LSL at Christmas?

Due to the implementation of a new computer system our offices will be closing over the Christmas period. Exact dates will be advised to you.

Please advise your workers to submit their long service applications to this office as early as possible to ensure processing can occur prior to office shutdown.

Do You Pay Your Invoices Via Direct Debit?

The process of TasBuild debiting your account via direct debit will no longer be available from 1 January 2009. From that time onwards you will have to make other alternative arrangements to pay your TasBuild accounts.

The following payment methods are available to you:

Electronic Funds Transfer
Cheque
Cash (please not by post)
BPay

Should you require further information please contact us.
 
June, 2008

IMPORTANT NOTICE
Required Information on Return Forms
 
TasBuild has recently undertaken an audit of the system. Employers are required as per the Rules of the Fund to provide the period pay amount paid to the worker during the return period as well as the number of days the worker worked in the return period.

There are a number of employers who are not completing the return forms correctly and this required information is missing.

Effective from June 2008 Return please be aware that returns that have not had the required information completed will be returned to the employer for correction and resubmitting.

We will be conducting an audit of all previous returns which appear to have not been completed correctly and we will be requesting that employers validate information previously supplied if anomalies arise.

It is also a requirement that data be supplied on TasBuild return forms and not by way of spreadsheet or an internal report. This is as much for legal purposes as it is for processing the information.

Also there are a small number of employers who calculate their own contribution amounts and advise that amount on their return forms. This is done by multiplying the period pay amount by the contribution rate.

Effective from June 2008 Return this method of completing returns is no longer available.

Employers are required as per the Rules of the Fund to provide the period pay amount paid to the worker during the return period as well as the number of days the worker worked in the return period. Please be aware that returns that have not had the required information competed will be returned to the employer for correction and resubmitting
 
June, 2008
 
Self Employed Contribution Rate & Interest Rate 2008-2009

In June 2008 the Board set both the interest rate and contribution rate that will be applied to the self employed worker for the next financial year as follows:

The interest rate for the 2008-2009 financial year will be 0% due to the negative returns experienced in the market.

The contribution rate (the rate at which a self employed person can contribute into the scheme) remains at $156.00 or $182.00 per quarter for the 2008-2009 financial year (these rates are based on a weekly wage of $720.00 and $840.00 per week.)