The commencement of the new financial year brings with it important changes to minimum wages, unfair dismissal regulation and various tax thresholds and rates.
In this article, our Workplace & Employment and Taxation teams have summarised the significant changes about which employers need to be aware. Depending on your individual circumstances, immediate action may be required from 1 July 2024 to ensure ongoing regulatory compliance.
Key Takeouts
Minimum wage rates rise by 3.75% under national system, effective July 1, 2024.
From 1 July 2024, new rights have been inserted into modern awards for union delegates in workplaces.
The superannuation guarantee percentage increases to 11.5% from 1 July 2024.
Employment law changes
Increases to minimum wage rates for national system employers
Minimum wage rates for WA system employers
Unfair dismissal protection thresholds
Download our quick reference guide 'Key Figures: Employment and Taxation Changes from 1 July 2024'
Key tax rate and threshold changes
Fair Work Ombudsman Information Statements
Employment termination payments (ETP)
Civil penalties
Genuine redundancy payments
New union delegate rights in modern awards and enterprise agreements
Superannuation
For more information about the changes to be introduced, please contact HopgoodGanim Lawyer’s Workplace & Employment Law and Taxation teams.