New financial year.New financial rules

When the new financial year ticked over, so did a handful of changes to the National Minimum Wage, casual employment and business-name and company-registration fees, among others.

A few very important changes were made to some vital parameters for businesses and employers on July 1, 2024. Here's a quick summary;

• The National Minimum Wage will increase by 3.75 per cent. This means the new National Minimum Wage will be $24.10 per hour, or $915.90 per week.

• The increase will apply from the first full pay period starting on or after July 1, 2024, and means if a weekly pay period starts on Wednesday, the new rates will apply from Wednesday, July 3, 2024

• The superannuation guarantee rate will increase from 11 per cent to 11.5 per cent