An increase in the national wage and higher superannuation payments are among a raft of changes starting on July 1 that small and family businesses must be aware of, says Bruce Billson, the Australian Small Business and Family Enterprise Ombudsman.
“With so many pressures on small business owners and managers as we near the end of the financial year it can be easy to overlook the new rules that will apply from the start of the next financial year – which is this Friday,” Mr Billson said.
“However, this is not something that can be put aside for another day.
“It is essential that small business owners and managers understand what they are required to do. They should check their payroll and accounting systems have been updated and they should talk to trusted advisers.”
Below, is a list of just some of the changes that take effect from July 1. It is not a complete list and some changes that may affect your business are specific to industry sectors or states.
National Minimum Wage and Award Rate
The recent Annual Wage Review 2021-22