Changes to be aware of with the new financial year

By Cutcher & Neale Accounting and Financial Services - July 06, 2021

 

Superannuation guarantee

From 1 July 2021 the Superannuation Guarantee rate will increase from 9.5% to 10%.

If you are an employer, you will need to ensure that your accounting and payroll systems are correctly updated to reflect this increase. 

 The Superannuation Guarantee rate is set to increase progressively to 12% by July 2025.

Read more at cutcher.com.au/insights-and-news/super-increase

 

Single touch payroll 

From 1 July 2021, employers must report any closely held payees through Single Touch Payroll (STP).

A closely held payee is someone directly related to the entity they receive payments from, including:

  • family members of a family business
  • directors or shareholders of a company
  • beneficiaries of a trust.

Read more at cutcher.com.au/insights-and-news/single-touch-payroll-is-set-to-expand

 

Award Wages Increase

The 2.5% increase to award wages announced by the Fair Work Commission (FWC) starts 1 July for most awards. 

You can now find these new rates in the Fair Work Pay Calculator and Pay guides.

For information visit Annual Wage Review 2021.

 

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