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End of financial year update

End of financial year update (Last Updated On: June 27, 2014)

As the end of the financial year approaches it is important to remember that there are a number of changes that will come into effect from 1 July 2014.

  • As we highlighted last month, the Fair Work Commission’s Annual Wage Review decision takes effect from 1 July 2014.  This means that modern award rates increase by 3% from the first pay period after 1 July.
  • Also foreshadowed last month is the increase to the superannuation guarantee.  Despite Coalition Government’s election platform to delay increases to employer paid superannuation contributions, the 0.25% increase will proceed with effect from 1 July 2014.
  • PAYG Payment Summaries are also due to each of your employees by 14 July.

If you have any questions or concerns on how the above affect your business, please call our 24/7 advice line on 1300 651 415.

By Jennifer Tweed,  Head of Consultancy & Employment Services

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