.png)
Could junior rates of pay be abolished?
The SDA is pushing for the abolition of junior rates for younger workers. We’ve outlined the details of the campaign and the potential impact on your wage costs Read More…
On 2 June, the Fair Work Commission announced its annual wage increase. The increase applies from the first full pay period starting on or after 1 July 2023.
What is the increase?
Most employees are covered by an award that outline minimum pay rates and conditions of employment for a specific industry or occupation. The Fair Work Commission announced that for employees covered by an award, the minimum award wages will increase by 5.75%.
For staff who are not covered by an award or registered agreement, the National Minimum Wage will increase by 8.6% to $23.23 per hour or $882.80 per week.
What do I need to do now?
Employers will need to review your team’s minimum wage entitlements and ensure that you are applying the increase from 1 July 2023.
The Fair Work Ombudsman will update pay tools and resources with the new rates to be accessed from 1 July 2023.
If you are unsure which award applies to you, you can use Fair Work’s Find my award to help.
Superannuation
Don’t forget that from 1 July 2023, the superannuation guarantee rate will increase from 10.5% to 11%.
If you would like help reviewing your team’s remuneration in order to meet the new rates, contact your WDF team member on 02 6921 5444 or email accountants@wdf.com.au. We can also provide a market analysis of remuneration and benefits.
Business Manager
WDF Accounting and Advisory | Accountants Wagga | Your partners in business
Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more.
Could junior rates of pay be abolished?
The SDA is pushing for the abolition of junior rates for younger workers. We’ve outlined the details of the campaign and the potential impact on your wage costs Read More…
With ongoing dry conditions continuing to impact many regional areas, the NSW Government has opened applications for a Drought Relief Loan of up to $100,000 to support eligible primary producers across NSW. Read More…
Interest rates go up: how could this affect your finances?
The rise in interest rates can be both positive and negative for your small business, so it’s worth understanding the effect that interest rate changes can have. What does this boost in interest rates mean for you, your business and your financial opportunities? Read More…