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005-096 - Provision For Long Service Leave

Long Service Leave is a cost which is accruing for all permanent employees and, in many industries, casual employees are now covered by Long Service Leave. The basic entitlement in most States is thirteen weeks leave after fifteen years service, with a pro rata amount being available after ten years ...Read more
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  • Description
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Long Service Leave is a cost which is accruing for all permanent employees and, in many industries, casual employees are now covered by Long Service Leave. The basic entitlement in most States is thirteen weeks leave after fifteen years service, with a pro rata amount being available after ten years service. It is considered prudent that once an employee has completed five years service with an employer for a provision to be made for that employee for Long Service Leave.

The paper analyses the provision for Long Service Leave Account under the following headings:

  • Why Provide For Long Service Leave?
  • Transfer Of Entitlement?
  • National Employment Standards?
  • Amount Of Long Service Leave To Be Paid?
  • Casual Employees
  • Recordkeeping
  • When Do You Start Providing For Long Service Leave?
  • Calculation Of Amount To Be Provided
  • After "Pro Rata" Service
  • Payment Of Long Service Leave
  • Reconciliation Of Long Service Leave Provision
  • Income Tax Treatment
  • Monitoring Of Amounts Owing