Changes for businesses in Australia come into effect from July 1, 2024, including changes to the National Minimum Wage, casual employment and business-name and company-registration fees.
National Minimum Wage increase
From July 1, 2024, the National Minimum Wage will increase by 3.75%. 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 your weekly pay period starts on Wednesday, the new rates will apply from Wednesday, July 3, 2024.
Find out more abut the minimum wage here.
Super guarantee rate increase
From 1 July 2024 the superannuation guarantee rate will increase from 11% to 11.5%.
Learn more about the superannuation guarantee here.
Business name and company registration fees
In line with an increase in the Consumer Price Index (CPI) for the March quarter, the Australian Securities and Investment Commission will increase company fees and business name fees from July 1, 2024.
See more here.
Casual employment
There are multiple changes to casual employment laws from August 26, 2024. The changes include:
A new casual employee definition will be introduced to the Fair Work Act. Under this definition, an employee is only a casual if:
* There isn’t a firm advance commitment to continuing and indefinite work, taking into account a few factors, including the real substance, practical reality, and true nature of the employment relationship
* They’re entitled to receive a casual loading or specific casual pay rate.
Changing from casual to permanent employment (casual conversion). A new pathway will be introduced for eligible employees to change to permanent employment if they want to. This will replace the current rules for changing to permanent employment.
Employers must provide the Casual Employment Information Statement (CEIS) to all new casual employees.
Independent contractor changes
There are multiple changes to definitions and protections for independent contractors from 26 August 2024. The changes include:
* A new definition will be added to the Fair Work Act to help determine the meaning of ‘employee’ and ‘employer’.
* Contractors will be able to apply to the Fair Work Commission if they think their services contract contains an unfair contract term.
* New frameworks will be set up to protect independent contractors performing work on digital labour platforms (employee-like workers), and working in the road transport industry.
Learn more here.
Right to disconnect
Eligible employees will have the right to refuse employer or third-party contact outside of working hours. This change starts on 26 August 2024 for non-small business employers and 26 August 2025 for small business employers.
Find out more about the right to disconnect here.
There’s a lot going on. Stay up to date at business.gov.au.
