Businesses need to be aware of several upcoming changes taking effect from July 1, 2023.
These changes impact the national minimum wage, super guarantee rate, and business name fees. Here’s what you need to know:
National Minimum Wage Increase:
Effective July 1, 2023, the National Minimum Wage will see a 5.75 per cent increase. This translates to a new hourly rate of $23.23 and a weekly rate of $882.80. The increase will apply from the first full pay period starting on or after July 1, 2023.
Award Minimum Wage Increase:
Most employees are covered by specific industry or occupation awards. On July 1, 2023, minimum award wages will also increase by 5.75 per cent. Businesses should review the updated award rates to ensure compliance.
Energy Bill Relief Fund for Small Businesses:
Eligible small businesses can benefit from bill relief on electricity usage. If your business meets the criteria established by your state or territory, you will automatically receive bill relief starting from July 1, 2023.
Super Guarantee Rate Increase:
The superannuation guarantee rate will rise from 10.5 per cent to 11 per cent starting July 1, 2023. Employers need to adjust their super contributions accordingly to meet the new rate.
Business Name and Company Registration Fees:
With the March quarter’s Consumer Price Index (CPI) increase, the Australian Securities and Investment Commission will adjust company and business name fees from July 1, 2023. Businesses should review the updated fee structure to understand the changes.
Changes to Workplace Laws:
The Australian Government has passed amendments to the Fair Work Act, introducing new workplace laws and modifying existing rules. Starting July 1, 2023, significant changes will include an increase in the small claims procedure cap from $20,000 to $100,000. This expands access to the small claims procedure for a broader range of workers.
Businesses should familiarize themselves with these changes and take necessary steps to ensure compliance with the updated regulations. For more detailed information on each change, refer to the relevant government agencies’ resources.
More here.
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Dynamic Business – https://dynamicbusiness.com/topics/news/key-july-updates-for-smes-business-name-fees-laws-and-more.html
