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.
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Treasury has released exposure draft legislation for Payday Super that will require employers to pay superannuation at around the same time as salary and wages are paid to the employee. The changes are proposed to commence from 1 July 2026.
At the end of each financial year, your accountant prepares essential documents like financial statements, tax returns, and compliance reports. But what brings it all together? That’s where the Management Letter comes in.
Treasury has released exposure draft legislation for Payday Super that will require employers to pay superannuation at around the same time as salary and wages are paid to the employee. The changes are proposed to commence from 1 July 2026.
