What’s Changing as of 1 July 2024?

With the new financial year fast approaching, you’re likely preparing for tax time and planning for new yearly goals and milestones. One thing to be mindful of when planning for the new financial year is employment numbers that go up on July 1. Here’s 7 important figures you should be aware of.

Minimum Wage

National Minimum Wage

The national minimum wage will increase from $23.23 to $24.10 per hour, or from $882.80 to $915.90 per week (plus 25% for casual employees)

Modern Award Rates

Minimum rates of pay in modern awards will increase by 3.75%. Remember to check the relevant Pay Guide for the most up-to-date figures. 

Superannuation

Super Guarantee

The super guarantee rate will increase from 11% to 11.5%

Super Contributions Base

The maximum super contributions base will increase from $62,270 to $65,070 per quarter

Unfair Dismissals

High Income Threshold

The high income threshold will increase from $167,500 to $175,000 per annum

Compensation Cap

The compensation cap in an unfair dismissal claim will increase from $83,750 to $87,500

Redundancy Payments

The tax free amount for redundancy payments will increase from $11,985 plus $5,994 per year of service to $12,524 plus $6,264 per year of service

Not sure what these changes mean for you or your business?
Reach out to us at hello@flawlesshr.com.au – we’d love to help you!

More blog articles.

2024’s Key Legislative Changes & What’s Coming Up in 2025

With the new financial year fast approaching, you’re likely preparing for tax time and planning for new yearly goals and milestones. One thing to be mindful of when planning for the new financial year is employment numbers that go up on July 1. Here’s 7 important figures you should be aware of.

Read More »

New Wage Theft Laws: What you need to know

With the new financial year fast approaching, you’re likely preparing for tax time and planning for new yearly goals and milestones. One thing to be mindful of when planning for the new financial year is employment numbers that go up on July 1. Here’s 7 important figures you should be aware of.

Read More »

What’s Changing as of 1 July 2024?

With the new financial year fast approaching, you’re likely preparing for tax time and planning for new yearly goals and milestones. One thing to be mindful of when planning for the new financial year is employment numbers that go up on July 1. Here’s 7 important figures you should be aware of.

Read More »

The New Right to Disconnect: Are You Prepared?

Starting 26 August 2024, most Australian employees covered by the Fair Work Act (except for those employed by a ‘small business’ with less than 15 employees), will have the right to disconnect from work-related communications outside of their regular working hours.

Read More »

Keep connected.

Level 1, 55 Collins Street, Melbourne, VIC 3000

ABN 70 673 328 802

@2024 Flawless HR. All rights reserved.

Website by Sidedoor