1 July 2024 (and beyond): New Minimum Wage and Superannuation Updates

As businesses plan their budgets for the new financial year, estimating payroll costs is essential. This year, we are fortunate to have received an early announcement from the Fair Work Commission regarding their decision on the annual Minimum Wage Review. This early insight will allow businesses to better forecast their wage costs for the next twelve months and make more informed decisions.

Announcement:

We share important updates recently announced by the Fair Work Commission that will directly impact your workforce. Starting from the first full pay period on or after 1 July 2024, significant changes are coming:

  1. Weekly Rate: 
    The new national minimum wage will be $915.90 per week, providing a substantial $33.10 weekly increase.
  2. Hourly Rate: 
    Casual employees will now earn $30.125 per hour.

Why This Matters:

Cost of Living Relief: 
We understand the financial pressures faced by workers across the state. These adjustments aim to alleviate some of those challenges.

Wages Growth:
Despite recent fluctuations, this increase aligns with forecasted wages growth across the economy.

  1. Superannuation Boost:
    Remember that the superannuation guarantee contribution amount will rise to 11.5% from 1 July 2024 and continues to increase annually until it reaches 12% on 1 July 2025.
Income year SG rate
2023-24 11%
2024-25 11.5%
2025-26 and onwards 12%

 

  1. Payroll Tax Free Threshold Increase:

From 1 July 2024, the payroll tax free threshold will be lifted from $700,000 to $900,000 for annual returns, and from $58,333 to $75,000 for monthly returns.

Eligible employers now have greater flexibility in managing their payroll tax obligations. If your Australian wages fall below the new threshold, you’ll benefit from these adjustments.

As you manage your workforce, keep these changes in mind. If you have any questions or need further guidance, feel free to reach out to our friendly team at Blaze Staffing Solutions.

 

Related Blogs

Read news and insights into a variety of industries

The Secret to Staying Ahead

Future-Proofing Your Staffing Hires Let’s face it – the job landscape is constantly evolving. With advancements in technology and an ever-increasing demand for specialised skills, it’s easy to feel overwhelmed and fall behind. The secret to staying ahead of the game all lies in the hiring process. By carefully selecting candidates who have the potential…

Keeping It Casual

Increasing efficiency, reducing costs, and improving job satisfaction The COVID-19 pandemic has brought about a lot of changes in the workforce. Many businesses have had to adapt to new ways of working, and this has led to a shift in the types of roles that are in demand. One of the common themes that we…

Navigating Wage Increases: The Role of Recruitment Agencies in Times of Economic Uncertainty

As we fast approach July 1, businesses and workers are gearing up for the upcoming wage increases. With a 5.75% boost in award rates and an 8.6% rise in the national minimum wage, along with other financial adjustments, companies are facing tough decisions in an already challenging economic climate. However, amidst these changes, it’s important…

Don’t Gamble With Your Business. Give Sham Contracting The Sack!

  For any business, hiring the right people is essential. Time and financial pressures are real and if you deal with staffing levels and still have a full set of fingernails, you’re in the minority. Some labour hire hosts have failed to do their due diligence and taken the unethical approach to hiring known as…

We Are Moving

  On Monday, 30th March 2020 Blaze Staffing Solutions’ Melbourne Office will relocate to 2/12 Compark Circuit, Mulgrave. This move is a source of great pride for us as we move to a larger space that is equipped with the latest technology and furnishings, providing a more accessible and open hub for our staff and…

Do Victoria’s new labour hire laws put your business at risk?

  New labour laws come into effect from 30 October 2019 prohibiting business from using unlicensed labour hire providers. Previously, businesses, farms or other organisations that use the services of labour hire (also known as ‘hosts’) could be a little less careful about the providers they use to supply them with individuals to work in…