It’s the new financial year, and we’ve seen a bunch of new changes flow through for business owners. Here is a quick run through of what you need to know that could impact your business. These changes encompass alterations to the national minimum wage, super guarantee rate, and business name fees.
Minimum Wages Increase
As part of the Annual Wage Review 2022-23, the Fair Work Commission increased the National Minimum Wage and Award Minimum Wages.
From 1 July 2023:
- the National Minimum Wage increased to $882.80 per week or $23.23 per hour
- Award Minimum Wages increased by 5.75%.
These changes apply to employees from their first full pay period starting on or after 1 July 2023. This means if your weekly pay period starts on Monday, the new rates applied from Monday, 3 July 2023. Learn more about minimum wages increase.
Super Guarantee Rate Increase
From 1 July 2023 the superannuation guarantee rate increased from 10.5% to 11%. It is set to further increase by 0.5% per year over the next two financial years, reaching 12%.
Employers are required to make contributions for each employee on a quarterly basis. Learn more about super guarantee rates.
Changes to workplace laws
The Australian Government passed an amendment to the Fair Work Act to change a number of existing rules and introduce a range of new workplace laws.
From 1 July 2023, changes include adjustments to the small claims procedure, increasing the cap on the amount that can be awarded through small claims court from $20,000 to $100,000. Learn more about the changes to workplace laws.
Energy Bill Relief Fund
Your business can get bill relief if you meet the small business electricity usage criteria in your state or territory. You don’t need to do anything – if you are eligible, you will have automatically received bill relief on your electricity bills from 1 July 2023. Learn more about the Energy Bill Relief Fund.
Business name and company fees
Following an increase in the Consumer Price Index (CPI) for the March quarter, the Australian Securities and Investment Commission raised company and business name fees from 1 July 2023.
Company fees
- Application for registration as an Australian Company (proprietary company that has share capital) $576
- Reserving a company name $59
- Application for voluntary deregistration of a company $47
- Annual review fee for a proprietary company $310
- Annual review fee for a registered scheme or a public company $1,44
Business name fees
- Registration or renewal for one year $42
- Registration or renewal for three years $98
Learn more about the company and business name fees increase.
It's that time of year again. Tax time.
Learn about the best time to lodge your tax return, what you can and can't claim and how to start the new financial year on the right foot. Tax time tips to help you.
Support for businesses in Australia
The business.gov.au website provides lots of useful information, grants, services and support from across the government to help your business succeed.
Staying informed about these changes is essential for maintaining compliance and ensuring the smooth operation of your business. For more details, refer to the respective links provided.
