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!