Changes to be aware of with the new financial year
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.
Award Wages Increase
The 2.5% increase to award wages announced by the Fair Work Commission (FWC) starts 1 July for most awards.
For information visit Annual Wage Review 2021.