Are you across the recent changes that came into effect with the new financial year?
Here’s what you need to know.
1. National Minimum Wage Hike:
Starting July 1, the national minimum wage has increased to $23.23 per hour (up from $21.38) or $882.80 (up $70.20 from $812.60) based on a 38-hour week for a full-time employee. This increase also affects casual employees, increasing wages to $29.04 per hour, inclusive of the 25% casual loading.
2. Award Wage Hike:
Employees covered by awards will have their minimum wage rates increased by 5.75 per cent from the first full pay period starting on or after July 1st 2023.
3. Superannuation Guarantee Percentage:
The superannuation guarantee percentage has increased from 10.5% to 11%. The increases to super apply to any wages paid from July 1st onwards, even if some (or all) of those wages were for work performed before July 1st. Ensure that you adjust your contributions accordingly from the first pay day following July 1st 2023.
4. Fair Work Information Statement:
A new fair work information statement has been released. Familiarise yourself with the updated document and issue to all new employees to ensure compliance.
5. Paid Parental Leave Extension:
‘Parental Leave Pay’ and ‘Dad and Partner Pay’ have been combined into one payment. Parental Leave Pay has increased from 90 days (18 weeks) to 100 days (20 weeks).
Stay up to date and stay compliant, please ensure your accountant and bookkeepers are across these changes. As always, we are here if you need more support #wevegotyourback