There has been some confusion on what the minimum wage increase and superannuation increase means to small business employers. Does this mean all employees wages increase? Despite what many employees are thinking from what they see on the TV, no it doesn’t. It depends on your employee’s current employment terms.
The Fair Work Commission has handed down their decision in relation to minimum wage increases. From 1 July 2022, wages will
increase as follows:
These increases will be delayed until 1 October 2022 for a small group of awards (including the Hospitality Industry (General) Award 2020 and Restaurant Industry Award 2020).
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DOES IT APPLY TO ALL EMPLOYEES? |
The short answer is NO. This increase applies only to those on minimum wage, either under an Award wage or not under an Award wage. It does not apply to employees who are paid ABOVE the Award. Your legal requirement is that your employees are |
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SUPERANNUATION - JUUST A REMINDER THIS IS INCREASING TO 10.5% |
If your employee is paid a wage PLUS superannuation your accounting software should be able to deal with this for you. If your employee is paid a wage package INCLUSIVE of super, you will need to ensure your accounting software is correctly updated. |
A Self-Managed Super Fund (SMSF) is a type of superannuation fund that gives members greater control over their retirement savings.
Heather Gallagher has spearheaded transformative initiatives in the mortgage broker space through her role as Head of Training and Education at outsource Financial. She has been instrumental in empowering brokers and administrative staff through tailored mentoring programs and weekly learning sessions.
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 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.
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