From 1 July 2024, several significant changes will impact businesses across Australia. The FCA team has compiled a summary of these changes to ensure that you are well-prepared for the adjustments ahead.
1. National Minimum Wage Increase:
- The minimum wage will rise by 3.75% to $24.10 per hour or $915.90 per week, effective from 1 July 2024.
- This increase applies from the first full pay period starting on or after 1 July 2024.
- For more detailed information, visit the Fair Work Ombudsman website.
2. Super Guarantee Rate Increase:
- The superannuation guarantee rate will increase from 11% to 11.5%, commencing on 1 July 2024.
- Employers must ensure they meet this minimum payment to avoid the super guarantee charge (SGC).
- Further details are available on the ATO website.
3. Business Name and Company Registration Fees:
- Due to a rise in the Consumer Price Index (CPI), the Australian Securities and Investment Commission (ASIC) will increase company and business name registration fees from 1 July 2024.
- Updated fees can be found on the ASIC website.
4. Ban on Engineered Stone:
- Effective 1 July 2024, the manufacturing, supplying, processing, and installing of engineered stone benchtops, panels, and slabs will be prohibited due to associated health risks.
- For more information, refer to the Safe Work Australia website.
5. Environmentally Sustainable Procurement Policy:
- Starting from 1 July 2024, businesses supplying to the government must substantiate environmental claims and adhere to the new policy.
- Key aspects include circularity, environmental impact, and climate considerations.
- Detailed information is provided on the Department of Climate Change, Energy, the Environment, and Water website.
6. Casual Employment Changes:
- From 26 August 2024, new laws regarding casual employment will come into effect, including:
- A revised definition of casual employment in the Fair Work Act.
- A new pathway for eligible casual employees to convert to permanent employment.
- Employers must provide the Casual Employment Information Statement (CEIS) to new casual employees.
- More details are available on the Fair Work Ombudsman website.