On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%.
It is critically important that all employers review their payroll systems and ensure they are applying the correct
rates and Awards. The National Minimum Wage applies to workers not covered by an Award or registered agreement.
From 1 July 2023, the National Minimum wage has increased to $23.23 per hour ($882.80 per week for a full time employee working a
standard 38 hours week). For casuals, the minimum wage including the 25% casual loading is a minimum of $29.04 per hour.
For workers under an Award, adult minimum award wages increase by 5.75% applied from the first full pay period on or after 1 July 2023.
Proportionate increases apply to junior workers, apprentice and supported wages.
In addition, the superannuation guarantee increased from 10.5% to 11% on 1 July 2023.
If the employment agreement with your workers states the employee is paid on a ‘total remuneration’ basis (base plus
SG and any other allowances), then their take home pay might be reduced by 0.5%.
That is, a greater percentage of their total remuneration will be directed to their superannuation fund. For employees paid a rate plus
superannuation, then their take home pay will remain the same and the 0.5% increase will be added to their SG payments.
We want our people to be the best they can be.
Secured business loans play an important role in supporting small business owners.
Join Shannon Smit as she interviews Sharyn McClafferty, CEO of Slipstream Group, in a podcast episode discussing leadership, team growth, and the value of continuous learning and development for business success.
With rising interest rates hurting sentiment across the commercial property sector, 2024 is now shaping up to be “better than expected.
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A Self-Managed Super Fund (SMSF) is a type of superannuation fund that gives members greater control over their retirement savings.
LIVE EVENT
3rd May 2024
Welcome to Mornington Peninsula's original pop-up pre-loved market with a difference. Fashion For A Cause is a not-for-profit
fundraiser event. Grab a fashion bargain or unique piece, wine with friends, bid on silent auction items, all to raise funds for Clothes
4U.Inc. All proceeds from the event including stall sales, ticket sales and clothing purchases on the night will be
double-dollar-matched and donated to Clothes 4U Inc.
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of SMSFs.
It’s important that generational succession is managed as closely and diligently.
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
The ATO is cracking down on business owners who take money or use company resources for themselves.
Going through a divorce or separation is undoubtedly challenging, but it's essential to take control of your financial future. By understanding the impact of separation on your assets, seeking professional advice, and creating a solid financial plan, you can navigate this difficult time with confidence.
Technology has transformed the way businesses operate, allowing them to reach new customers, expand into new markets, and improve operational efficiency.
Scaling up a business is not just about increasing revenue or expanding into new markets; it's about creating a solid foundation for sustainable growth.
Every business, regardless of its size or industry, shares a common goal: to grow and thrive in a competitive market.
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
In this episode we explore the key areas in your business that you can influence to promote growth, adapt the seven ways to grow for your unique business, and understand how these strategies impact your profit and cash flow.
Equipment finance means there is a viable solution for businesses grappling with cash flow management amid equipment upgrades.
The build-to-rent sector (BTR) is set to outperform traditional buy-and-hold commercial investments.
A Shareholders Agreement is a legally binding contract negotiated by the shareholders of a company, designed to govern their relationship, business arrangements, rights, responsibilities, obligations, and liabilities. It supplements the company's constitution by addressing matters not covered therein, thus offering more comprehensive protection and clarity.
Tourism assets are seeing demand return as a host of high-profile artists and entertainers make their way back to Australia.
For the first time in nearly two decades, retail assets have seen the largest portion of all commercial transactions.
Things to consider before investing in multigenerational living. What do rising geopolitical tensions mean for investment markets? This and more in Issue 16 of SMART Life.
As conflicts between nations flare into open armed warfare and elections around the world become more contentious, there’s plenty to spike investor concern. We look at how wars and political tensions influence investment markets over the long term and examine the im- plications for your retirement savings.
As cost-of-living pressures bite and family members look for ways to support each other, multi-generational living is being discussed as a solution. Pointing out the potential, property researcher CoreLogic identified more than 655,000 residential properties as being suitable for a granny flat in Australia’s three biggest cities.
In this episode of The Accountant That Builds, Shannon's expert advice will help you make informed financial decisions and stay connected to your goals, ensuring a financial future you are committed to work towards.
Low-interest rate loans used by dealerships are a good way to get buyers in the door – but if you’re not careful, you may end up overpaying in the long term.
Car loans can feature either fixed or variable interest rates, each with its own set of advantages and disadvantages.
With the surge in property prices, the barrier to entry has never been higher. However, there are many different ways to get into the market.
The difference between the price of units and houses continues to grow, with homes now costing $300,000 more.
The national median house price officially reached $1,005,242 marking the highest price on record.
Vendors are looking to capitalise on rising prices with a surge in new listings hitting the market across Sydney and Melbourne.
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Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.
A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
From 1 July 2024, the amount you can contribute to super will increase.
Thousands of taxpayers and their agents were advised by the Australian Taxation Office that they had an outstanding historical tax debt.
In Australia, testamentary trusts have become useful for more people than ever before. They're not just for the wealthy anymore.
In this podcast episode of The Accountant That Builds we're starting off with a deep dive into the world of superannuation, helping you understand how to make the most of your retirement savings.
There are effective ways to fit out your practice for maximum efficiency and success.
Construction cost increases have reaccelerated, but the good news is they are now returning to their normal trend.
Jackie Prossor shares her story on growth and evolving as a professional and a business owner, with the help of Shannon and the SMART Business Solutions team.
Commercial transactions could start to rebound in 2025, with lower prices.
A rally in the second half of the month helped global share markets generate solid gains in January, extending the rally from November and December.
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
