News

Insights from practitioners in Information Management

Issue 2 – Financial matters

We hoped you enjoyed reading the first edition of Information Enterprises’ Newsletter. This forum will be used to discuss all manner of issues that are important to you as registrants of IEA, so if there is anything that you would like to see us cover, please e-mail your suggestions to. training@iea.com.au.  Alternatively please telephone the office and ask to speak to Lorraine. 

In a current bid to save the excessive amount of trees being used for hard copies we are opting to send out the newsletter in electronic form.  If you currently receive a hard copy and would like to do your bit for the environment, please let us know what your email address is and we will add you to the mailing list. 

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In this issue…

We will be looking at financial matters, including:

• Tax Declaration Form
• Superannuation
• Bank Details
• Did you know?
• Frequently Asked Questions

Tax Declaration Forms
The Australian Taxation Office requires that you must fill in a tax declaration form when you start or re-start a relationship with the organisation that will be paying you.

If you work for another employment agency for a period of time and have claimed the tax-free threshold from them, you must re-establish your financial details (you must fill in another tax declaration form) with IEA before re-commencing work.

The tax-free threshold can only be claimed from a single employer at any one time.  So if you are working for more than one organisation at the same time, make sure that you claim the tax-free threshold from the organisation that you will be doing the most work for.  It is also against the law to claim it from more than one organisation at the same time.

Superannuation:
To prevent your superannuation fund being eaten up by administration charges it is important to consolidate all your accounts into the one that you are currently using. 
If you are unsure about what to do with your super fund.  The Australian Securities & Investment Commission has put out a booklet entitled: Super Decisions: Understanding and making super choices.  You can download a copy here at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/SuperDecisions.pdf/$file/SuperDecisions.pdf – (you will need access to adobe to read it).
or alternatively call ASIC’s info line on 1300 300 630

Bank Details
When you start your first contract for IEA you will be sent a contract package containing numerous forms that will need to be filled in and returned to the offices as soon as possible.  The most important one for you is the bank details form.  Without this information we won’t be able to pay you.

When you return this form, we also ask that you send a copy of the bank statement that shows the bank account details, in order for us to verify them.  Prior to the privacy act we would be able to contact the bank for this information, unfortunately we are no longer able to do this and need your assistance in the matter.  Obviously if the information cannot be verified and turns out to be incorrect then we will not able to pay you.

Did you know?
That more than $200 million is sitting in the government’s own bank account because the money hasn’t been touched for more than 7 years, and of course some of that money may be yours.  The Australian Securities and Investment Commission have launched a new search engine at www.fido.asic.gov.au, which enables you to search for unclaimed money.  Data goes back to 1989 for savings accounts, 1959 for some trading bank accounts, and 2000 for credit unions and building societies for accounts that were last accessed in 1993-94. There is also information on compulsory share purchases after a company takeover. Definitely worth taking a look.

  
FAQ’s

Who do I talk to if I have a problem with my salary?
Kay Hack is the office Contracts and Payroll Administrator.  She can be contacted on 08 9335 2533 during normal office hours (8.30 am – 5.00 pm) Monday to Friday.  Alternatively you can send her an e-mail: kay@iea.com.au.

How come I didn’t get paid this week?
IEA pays on a fortnightly basis, not weekly.  Check the pay dates schedule to make sure that you have the correct date. Please note – These are sent out with the first contract package. If you would like another copy please contact the offices.
Payments are transferred to the bank on a Monday morning; however, your money is not usually available until the next working day.  If payday falls on a bank holiday, payment will be transferred Tuesday morning with money available on Wednesday.  These dates are stated on the pay dates sheet.

However, the main reason why you have not have been paid is a simple one.  Did you remember to send us your time sheets? We cannot pay you if we do not know how many hours you have worked.  Time sheets should be faxed through to the office at the end of your working week, with or without your supervisor’s signature (if they are not available) and followed up with the signed original in the post.  Timesheets have to be processed so the earlier you can get them to us the better.

Have I been paid the correct amount?
Your hourly rate is stated on your letter of contract.  This is then multiplied by the number of hours worked.  Each timesheet sent through to the office is checked for accuracy during processing, so you can be assured that the money that you are paid is the correct amount.  However, if you would like to speak to Kay about any concerns you may have.  Please telephone the offices.