FINANCIAL YEAR CHECKLIST

Written on the 1 July 2014

FINANCIAL YEAR CHECKLIST THE FINANCIAL year is rolling over and the new one is bringing into effect a number of changes to workplace subsidies.

Employers and employees should be aware of these changes concerning the annual wage review, high income threshold, superannuation guarantee and transitional provisions in modern awards.

Minimum wage rates in modern awards and the national minimum wage have increased by three per cent, the latter figure now totalling $640.90 per week or $16.96 per hour.

The high income threshold for unfair dismissal eligibility and application of award coverage has also increased by nearly $4,000, standing at $133,000 per annum.

Furthermore, the superannuation guarantee of each pay check has increased to 9.5 per cent provided employees fall under the comprehensive criteria.

In May's federal budget, this figure was highlighted as stagnant until June 30 2018, and then set to increase 0.5 per cent year on year until it reaches 12 per cent on July 1 2022.

With respect to modern award adjustments, employers and employees are encouraged to review these as they vary between industries.

For more detailed information on the amendments, visit http://www.fairwork.gov.au/.

Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter