Legislative Changes That Might Affect Your Business
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Minimum Wage
From 1 July 2018, the national minimum wage will increase in Australia by 3.5%
The new national minimum wage is $719.20 per week, for a 38-hour week, or $18.93 per hour.
The increase applies from the first full pay period starting on or after 1 July 2018, for employees on the national minimum wage or a modern award.
Single Touch Payroll
The ATO has introduced the Single Touch Payroll (STP). If you have 20 employees or more, you will need to report to the ATO each time you pay them. We have previously provided information regarding these changes and the software that is ready for STP which will automate the process.
To see if your payroll software is STP ready, check our list.
*this information is accurate as at 15 May 2018
Small Business Superannuation Clearing House
If you are a small business with 19 or fewer employees, or with an annual turnover of less than $10 million, you can access the free online service to help small business meet their superannuation guarantee obligations.
The service makes it easier for employers to pay all their super contributions online in one transaction, which are then counted as being paid on that date. It also provides employers with 21 days leeway to pass on employee choice of fund details.
