As June 30 quickly approaches, SMEs around the country are busy making sure their tax affairs are in order. But amid the mad rush at the end of the financial year, it can be hard to keep track of all the other changes that will come into effect on July 1.
From an increase in the national minimum wage to a change in the monthly superannuation threshold, the start of financial year 2022-23 will bring with it a raft of legislative changes that affect SMEs.
Here’s a quick guide to key changes your business needs to be aware of.
The national minimum wage is due to increase by 5.2% and this change will kick in on July 1.
From July 1, Australian employees will be entitled to a minimum take-home weekly pay of $812.60, or $21.38 an hour. This represents a weekly increase of $40 a week, with some 2.7 million Australians covered by the minimum employment standards.
As Andrew Brooks and Grace Cue, employment lawyers at Law Squared, told SmartCompany, this will be “a significant increase for millions of Australians who are paid minimum wages, and sits well above the Australian Industry Group’s recommendation of 2.5%, and just before the ACTU’s push for 5.5%”.
Minimum Modern Award wages will also go up by 4.6% on July 1, subject to a minimum increase of $40 per week. Brooks and Cue say this means all finance teams should now be checking to ensure each of their employees are being paid the equivalent of any applicable Modern Award, including wages, penalty rates...
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