The new financial year marked the commencement of some legislative changes that may have the following impact:
The national minimum wage was increased by 3.3%, bringing the minimum hourly rate to $18.29 and the weekly net pay for full time employees to $694.90;
The Fair Work Commission’s high income threshold increased from $138,900 to $142,000. This means that employees who earn above $142,000 per annum are unable to make a claim against an employer for unfair dismissal;
The amount of compensation the Fair Work Commission can award for unfair dismissal has increased from $69,540 to $71,000;
The first penalty rate cuts were implemented, with workers in the fast food, retail, pharmacy and hospitality sectors seeing a drop of 5% in their Sunday rates. The future cuts to Sunday penalty rates will occur progressively over the next three to four years;
The May budget saw the government announce that small and medium sized enterprises (SMEs) will be facing stricter rules on capital gains tax. Although not yet implemented, the change is projected for the new financial year with a proposal to amend concessions so that they can only be claimed on assets used exclusively within the business;
There are new changes to superannuation regarding retirement plans and how many individuals are entitled to make a tax claim or superannuation contributions if they are self-employed.
Business Lawyers can ensure your business is in-line with new laws
Ensure that you approach a business lawyer so that you don’t end up on the wrong side of the law! Often new legislation is implemented without notice and can be detrimental for businesses who get caught.