We all know the end of financial year is looming and there is a lot to do as you make sure all matters taxation are addressed and finalised, but you can't overlook some key employment changes that occur as we click over into 1 July.  Here's a quick summary so you can make sure you are remaining compliant. ​

MINIMUM WAGE INCREASES
As announced last week, the national minimum wage has increased by 5.2% equating to $40 and must be applied from 1 July.  Minimum Modern Awards wages have also had an increase of 4.6% applied from 1 July.  For more information on what this means and what you must do, CLICK HERE.

SUPERANNUATION GUARANTEE INCREASE
A reminder that as of 1 July 2022, the Superannuation Guarantee (SG) is legislated to increase from 10% to 10.5%.

SUPERANNUATION MONTHLY THRESHOLD 
From 1 July, the $450 monthly eligibility threshold for SG payments will be removed meaning all employees, no matter how much they earn, will be eligible for superannuation payments. The only exception is employees under 18 years old with less than 30 hours per week.  Where employees may not have previously received SG contributions, employers should ensure they have the correct nominated superannuation fund details for these individuals.

HIGH INCOME THRESHOLD
The high income threshold for unfair dismissal claims increases on 1 July to $162,000 up from $158,500.  The high income threshold operates as a limit to an employee's ability to lodge an  unfair dismissal if they earn above the set level and are not covered by a modern award or enterprise agreement.