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).
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 |
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. |
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.
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.
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.
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.