12 Jun 2024

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.
Stay Connected We are committed to supporting you through these changes. If you have any questions, suggestions, or require assistance, please reach out to our team. Stay connected with us via our social media channels and keep an eye on our website for the latest news and updates.