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/.

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