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.
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