A new financial year brings updates to the employment law landscape for employers to be aware of.
A summary of the changes is below:
Superannuation
- From 1 July 2024 the superannuation guarantee rate will increase from 11% to 11.5% – this is the minimum superannuation amount payable to employees for their ordinary time earnings.
- The superannuation guarantee will progressively increase to 12% from 1 July 2025.
- The Australian Tax Office provides a helpful superannuation calculator available on this link: https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-super-contributions/how-much-super-to-pay
National Minimum Wage
- From 1 July 2024 the National Minimum Wage will increase by 3.75%, rising to a minimum hourly rate of $24.10 per hour and $915.90 per week (based on a 38 hour week).
- The increase applies from the first pay period after 1 July 2024.
Unfair Dismissal High Income Threshold
- An employee who is not covered by an award or an enterprise agreement must receive less than the high income threshold to be eligible to make an unfair dismissal claim
- The high income threshold increases from 1 July 2024 from $165,000.00 to $175,000.00
- The unfair dismissal compensation cap will increase from $83,750.00 to $87,500.00
Fair Work Information Statements
- Employers must give employees a Fair Work Information Statement at the commencement of employment, including the Casual Employee Information Statement for casuals.
- Employees entering a new fixed term contract must also be given a copy of the Fixed Term Contract Information Statement.
- New information statements have been released from the Fair Work Ombudsman and are available on this link: https://www.fairwork.gov.au/employment-conditions/information-statements/fair-work-information-statement
Business name and company registration fees
- Business name and company registration fees are increasing from 1 July 2024 – a link to the new fee amounts is available here: https://asic.gov.au/for-business/payments-fees-and-invoices/asic-fees/asic-fee-indexation/
If you require legal assistance relating to Industrial Relations matters, please don’t hesitate to contact a member of our team.
