Effective from 1 October 2023, the employer levy rate for the Building and Construction Industry Portable Long Service Leave Scheme increased from 2.10% to 2.35%.
This means the new levy rate will be payable from the October-December 2023 return period, due 31 January 2024.
Some frequently asked questions are outlined below to assist you with the change.
Do I need to do anything different when lodging my returns?
No – you lodge your quarterly return in the same way you normally do. Once you have submitted your employee data (personal information, ordinary gross salary, and wages etc.) the new levy rate will be automatically applied, and you will be advised of the levy payable for the quarterly return.
What levy rate applies to any previous quarterly returns?
The new levy rate is effective from 1 October 2023 onwards. For any quarterly return periods prior to this date, the levy rate in effect at that time will continue to apply.
Will the levy rate change again?
The Governing Board of ACT Leave is required to assess the financial position of the scheme, including the appropriateness of the levy rate, at least every three years. The next triennial review of the scheme is due in the later part of 2023, at which time the Governing Board will again reassess the appropriateness of the levy rate.