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One-in-six Aussies Has Multiple Jobs

More than one-in-six Australian workers is holding down more than one job.

The number of people who had a job during 2015-16 was 13.3 million, according to figures released by the Australian Bureau of Statistics on Wednesday.

But 15 per cent of those workers had more than one job at the same time in the year, pushing the total number of jobs held to 18.5 million.

Those with multiple jobs earnt less on average than those with one role, with a median total income of $39,813, compared to $48,028 for those who worked a single job.

ABS labour statistics program manager Bjorn Jarvis says the nature of working multiple jobs likely played a role in that difference.

“If people are working very short duration jobs, or they’re starting a business and juggling other work, they might be doing a few small things that they don’t actually add to a very large aggregate,” he told AAP.

Those working multiple jobs were most likely to be working their first job in the healthcare and social assistance sector or the administrative and support services industry.

The insights are part of a new data set from the ABS, combining its own statistics with data from other agencies, including the tax office.

The figures have for the first time shed light on the makeup of workforces in local areas around Australia.

Melbourne’s southeast is where you would be most likely to find an Australian manufacturing worker.

Dandenong had the most manufacturing workers in 2015-16 at 3000, followed by Hampton Park with 2800 and Keysborough with 2600.

The most mining workers could be found in Queensland’s Mount Isa (2900), while the highest number of construction jobs could be found in Perth (3100) and nearby semi-rural Baldivis (3200).

Sydney’s Haymarket and The Rocks had the highest number of jobs in the national overall, with 48,600 workers.

The area also had the nation’s most workers in accommodation and food services (11,600) , administrative and support services (8400) and retail trade (2800).

The ABS’ survey of employee earnings and hours is still the most accurate measure of incomes, Mr Jarvis noted, as tax data used in the latest release doesn’t account for the number of hours worked.

But the gender pay gap remains clear in the new information.

The median income for a person per job was $54,999 for males and $39,356 for females in 2015-16.

 

 

Article source here.

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Top 10 Legislative Updates For Financial Year 2018-2019

As we kick off the new financial year, we thought we would provide you with a list of the top 10 legislative updates that are due to take effect in the 2018-19 financial year – either on or after 1 July 2018.

Please note: Some of the below listed legislative updates were proposed measures in the 2017-18 and 2018-19 Federal Budget, some which have now been legislated, whilst others are yet to pass through the legislative process. As such, where applicable, we have noted legislative updates that are still pending.

Importantly, changes could be made or the proposals may be rejected.

Superannuation

1. Contribution Caps and General Transfer Balance Cap.

Please note: From 1 July 2018, the new carry forward provision will apply for concessional contribution caps; however, the first year that you will be entitled to carry forward unused amounts is the 2019-20 financial year.

  • The general transfer balance cap will remain unchanged at $1.6 million.

2. Downsizing Measure. From 1 July 2018, the Downsizing Measure will allow those aged 65 or over to use the proceeds from the sale of their home, to make a downsizer contribution of up to $300,000 each into superannuation (subject to complying with some finer details).

3. First Home Super Saver Scheme. From 1 July 2018, the First Home Super Saver Scheme (FHSSS) will allow eligible prospective first homebuyers to withdraw their voluntary superannuation contributions, and an amount of associated earnings, to assist with the purchase or construction of their first home.

4. Superannuation Guarantee and Employees with Multiple Employers. From 1 July 2018, individuals who have multiple employers and earn more than $263,157 will be able to nominate their wages from certain employers are not subject to the Superannuation Guarantee. This will help them avoid breaching the concessional contributions cap of $25,000. This proposal has not yet been legislated.

5. Government Co-contribution. From 1 July 2018, the income thresholds for the 2018-19 financial year will be increased due to indexation. Moving forward, the maximum co-contribution of $500 will be reduced by 3.333 cents for each $1 of income earned over $37,697 (previously $36,813), and cuts out when your total adjusted taxable income reaches $52,697 (previously $51,813).

Taxation

6. Personal Income Tax Plan. From 1 July 2018, the top threshold of the 32.5% tax bracket will be increased to $90,000 (previously $87,000). Below is a brief overview of the Personal Income Tax Plan income levels and tax rates for the 2018-19 financial year, as well as the other legislated changes due to take effect in the 2022-23 and 2024-25 financial years. This proposal has recently been legislated.

7. Personal Income Tax Plan – Continued. From 1 July 2018, a new non-refundable Low and Middle Income Tax Offset will be introduced, which is aimed at providing a benefit of up to $200 for taxpayers with a taxable income under $37,000; up to $530 for taxable incomes between $37,001 and $90,000, before phasing out at $125,333. This proposal has recently been legislated.

8. HECS/HELP Loan Repayment Rates and Thresholds. A bill has entered the Senate that if legislated in its current form (third reading*) would see the repayment rates and thresholds for HECS/HELP loans amended. Below is a brief overview of both the legislated and the proposed repayment rates and thresholds. This proposal has not yet been legislated.

Social Services

9. Child Care Subsidy. From 2 July 2018, the Child Care Benefit and Child Care Rebate will be replaced with a new financial assistance payment, the Child Care Subsidy. Moving forward, the level of Child Care Subsidy that you may be entitled to will be assessed against several interconnected factors: combined family income; activity test (the activity level of parents); and, hourly rate cap applied in relation to the child care service type and age of your child.

Please note: This is not an automatic transition process. You will be required to complete a ‘Child Care Subsidy Assessment’ task with Centrelink. If you do not complete the required assessment, the Child Care Subsidy will not be paid to your approved child care provider.

10. Age Pension Residency Test. From 1 July 2018, new applicants will be faced with enhanced residency requirements (however, existing exemptions would still be preserved). This proposal has not yet been legislated. The enhanced residency requirements to be deemed eligible to receive the Age Pension are as follows:

  • 15 years of continuous Australian residence, or
  • 10 years of continuous Australian residence, with at least five years of this during their Australian working life (i.e. between age 16 and Age Pension age), or
  • 10 years of continuous Australian residence, and not have been an activity tested income support payment recipient for a five-year cumulative period.

Moving forward

If you would like to discuss any of these legislative updates and their relevance to your financial situation, goals, and objectives, please do not hesitate to contact us.

 

 

 

Article source here.

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