Contractor Newsletter | April 2017

 

MyCXC Upgrades

Coming soon!

In our February newsletter we told you about the impending upgrade launch of our online portal, MyCXC. Now here is some further insight into how the new portal will make your life a little easier.

Whilst the upgrade of MyCXC will pose no impact on when and how you are paid, it will provide a more streamlined way for you to interact with us.

MyCXC will become a self-service platform, enabling you to update your details without having to pick up the phone or send an email. You have complete access to your personal, banking, superannuation, tax and company details.

The new MyCXC will also provide you with an additional method for signing contracts. You will still receive an email notification when you have a new contract to sign but you will also have the option to sign directly, and securely, via MyCXC.

In case you need to update your work rights, the upgraded portal will also support online completion and upload of your documents.

Everything is becoming a lot more streamlined and user-friendly.

We will continue to keep you up-to-date and well informed about all the new features of MyCXC over the next few months. So stay tuned!

ATO Key Tax and Super Rates for 2017-18

The ATO has released their key rates and thresholds for 2017-18, including personal income tax and payroll tax rates, the maximum superannuation contribution base and superannuation contribution caps.

Income Tax

  • Please note that these rates could be subject to change if proposed and legislated in the Federal Budget in May.

      • Medicare Levy of 2% in addition to the above rates for Residents only.

 

      • Temporary levy of 2% is currently imposed on both Resident and Non-resident individuals’ taxable income in excess of$180,000 pa, for until 30 June 2017. There are no current plans to extend this levy into the next financial year.

Payroll Tax

      • Payroll Tax rates for year 1 July 2017 to 30 June 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please note most state government budgets occur in late May to mid-June and this is when payroll tax rates will be confirmed for 2017-18.

 

SUperannuation

All employee’s earnings base for each quarter of any financial year. Your employer does not have an obligation to make additional superannuation contributions for earnings above this limit.

      • The General Concessional Contribution General Cap or what was known as the Concessional Contribution Cap (CCC) from 1 July 2017 is $25,000 and in future years will be indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $2,500 (rounded down). From the 2017–18 financial year, the general concessional contributions cap is not calculated based on age.
      • There are new rules from 1 July 2018 if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make additional concessional contributions for any unused amounts. The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, and after this period will expire. Click here for full details

Source: www.ato.gov.au

 

Easter Break

Easter 2017 is almost upon us, and we’re going on holidays!

Our offices will be closed for both Good Friday, 14 April and Easter Monday, 17 April.

Best that you check with your agency or client to see if timesheet deadlines or pay dates will change because of these public holidays.

Timesheets
If your timesheet(s) are due on Friday 14 April or Monday 17 April, we suggest you submit your approved timesheets beforehand on Thursday 13 April or immediately following the public holidays on Tuesday 18 April, if you don’t hear otherwise.

Pay Transfers
We’ll be reconciling and releasing all funds received prior to the Easter break on Thursday 13 April, for overnight release.

Please note: Following Easter, the next date payments will be processed will be on Tuesday 18 April. So best you get your timesheets in prior to Good Friday, if possible.

If you have any questions please contact our Contractor Care team on 1300 724 082 or customerservice@cxcglobal.com.au.

ANZAC Day Public Holiday 

Tuesday 25 April 2016 is ANZAC Day, and is a public holiday across Australia. All CXC Global offices will be closed on this day.

How will this affect you?

Best that you check with your agency or client to see if timesheet deadlines or pay dates will change because of this public holiday.

Timesheets

If your timesheet(s) are due on Tuesday 25 April, we suggest you submit your approved timesheets be submitted beforehand on Monday 24 April or immediately following the public holiday on Wednesday 26 April, if you don’t hear otherwise.

Pay Transfers

We’ll be reconciling and releasing all funds received prior to the public holiday on Monday 24 April, for overnight release.

Please note: The next date payments will be processed will be on Wednesday 26 April. So best you get your timesheets in priior to the public holiday, if possible.

If you have any questions please contact our Contractor Care team on 1300 724 082 or customerservice@cxcglobal.com.au.

So in summary…don’t forget to make arrangements to accommodate your timesheet & pay cycle that could be affected by the ANZAC Day closure.

Enjoy the day off!

Top 10 Marketing Tips from Successful Contractors

You wake up one morning, and suddenly you realise…

“I’m sick of this ‘employee’ lifestyle! I choose to become a contractor!”

….and henceforth believe all will go swimmingly.

Lots of work.

Lots of time with the wife. And the kids.

Lots of money (you did, after all, factor in a better hourly ROI than your current income).

Lots of freedom.

You put it out there on LinkedIn, Facebook, heck even Instagram. You call a couple of mates in the industry. You attend one or two networking events.

And you wait.

You wait for the mobile to ring.

But what your hearing instead….. is the squeaky sound of crickets….

DON’T DESPAIR!

There are FAR smarter, savvier and personable ways for you to get your ‘contractor’ personal brand out there.

 

Money, money, money: Australia’s Highest Paying Salaries

Australia’s highest paying salaries on SEEK have been revealed. Although there hasn’t been a lot of movement since 2016,  it’s exciting news for independent contractors with the big bucks being earned across a number of contractor rich industries in 2017.

 

See your international money transfers in a whole new light

Given the volatility of the market, our Foreign Exchange partners at OFX  have put together an educational piece to help you protect yourself against foreign exchange risk with some management strategies for you to follow.

 

 

 

That’s a wrap for the April CXC Global Contractor Newsletter. Let us know if there is anything you would like us to cover in the next edition. We’d love to hear from you.

And don’t forget, if you need to get in touch with us for any service or pay related matter our Customer Service team is more than happy to help.

The team at CXC Global

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