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.
With Spring selling season in full flight, thousands of homeowners across Australia are looking at how they can make their homes more appealing to buyers.
While many people are excited about the idea of buying their first home, it can also be overwhelming knowing that you have to eventually pay off a large mortgage.
Legislation before Parliament will lift penalties for serious or repeated privacy breaches, and provide new powers to the Australian Information Commissioner.
The increase in interest rates is starting to take effect helping to restore price stability. However, in its statement, the RBA said that it will be a challenge to return inflation to 2-3%
If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change.
In July, the Australian Taxation Office (ATO) reported a new wave of ‘Tax refund SMSF scams’.
Consumer price inflation rose by 1.8% in the June quarter, and by 6.1% on a rolling 12-month view. Whilst high, these measures were below consensus expectations. In turn, this prompted hopes that local interest rates might not need to increase as much as previously feared.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
The traditional diversification strategies of super funds are failing, and a worsening inflation.
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached.
The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland.
The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9%.
UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate.
New guidelines for professional services firms - lawyers, architects, medical practitioners etc., came into effect on 1 July 2022.
National Cabinet agreed to end the mandatory isolation requirements for COVID-19 effective from 14 October 2022. Each state and territory has, or will, implement the end of the isolation rules.
Come and see what happens when the precision of accounting and foresight of financial planning collide.
Your partners in wealth accumulation, protection and management for today and beyond.
A secured loan is a form of finance backed by collateral. For most businesses, the collateral takes the form of real estate, either commercial or residential.
Interest rates are rising as the Reserve Bank of Australia (RBA) looks to aggressively hike the official cash rate to help slow growing inflation.
Property has a long-term track record of capital growth, which is why it is a favourite asset class for hundreds of thousands of Australians.
If you’re in the market to buy a property, or looking at refinancing your current home loan, one of the most important things to consider is trying to obtain a pre-approval from a lender.
Rabobank’s Australian Agricultural Price Outlook shows that agricultural land prices across Australia rose by 27% in 2021.
With the now abolished land tax in Queensland it is interesting to note that it was never going to have the same impact on commercial property compared to residential.
For the sixth consecutive month, the Reserve Bank of Australia (RBA) has made the decision to increase the nation’s official cash rate, which now sits at 2.60%.
Supply chain pressures and inflation have dominated conversations about investment markets for much of the past year. Reporting season gives Australians a comprehensive look at how these forces are affecting businesses – and what they mean for investors.
For Shannon Smit and the team at Smart Private Wealth, providing a service centred around client education is one of their most important objectives. It is viewed as their defining point of difference.
The Australian government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market.
The tax system currently allows Australia to tax payments made by an Australian customer in relation to technical services provided by an Indian firm.
23:59 UTC on 20 September 2022 is the cut-off to register for your .au direct domain.
You’ve worked hard for what you have – it’s time to protect it for the next generation.
If you’re running a small business and need funds to either run the day-to-day operations of the business or to expand, there are a few different options for funding.
If you’re a manufacturer, then you’re likely often faced with the prospect of needing to upgrade your equipment and working out the best way to pay for it.
Most car buyers will normally think about the type of car they want to buy and then wait until they have done a test drive.
Tenants are slowly returning to CBD offices around the country as businesses get back on track.
Industrial property could be an effective way to hedge against Australia’s highest rate of inflation in decades, according to an expert.
Property prices across Australia have risen sharply over the past 20 years and the rapid increase has made it a lot harder to get into the property.
Buying your first home can be a daunting experience. It will likely take a number of months to get your financials in order and navigate the property search.
As the value of homes has steadily increased over the years, more borrowers have turned to Lender's Mortgage Insurance (LMI).
With the cost of living going up by the day, managing your money can be tricky in the current environment.
The $2,000 Small Business Specialist Advice Pathways Program Grants are for small business to employing small businesses to access financial and legal advice and services to inform current and future business decisions.
Annual reviews are a powerful business tool. They provide insight into the past year through analysing metrics and other data.
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.
The RBA lifted the cash rate to 1.85% in early August 2022. With interest rates rising, what can we expect?
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.
ONLINE Webinar: Insurance Stripped Bare - What you really need to protect your assets
Consumer price inflation rose by 1.8% in the June quarter, and by 6.1% on a rolling 12-month view. Whilst high, these measures were below consensus expectations. In turn, this prompted hopes that local interest rates might not need to increase as much as previously feared.
For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your retirement fund.
If you perform some of your work from your home office, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes.
If you’ve owned your home for a decent period of time, or you’re ahead on your mortgage repayments, then you can potentially use some of the
equity to purchase assets such as a car.
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.
