New regulations and changes are coming into effect for financial support, insurance, licensing fees, and superannuation. Below are important updates to help you navigate these changes with confidence.
Financial support for apprentice chefs and cooks
Great news for Clubs looking to give back to the community and bolster their culinary teams. The Australian Apprenticeships Incentive System offers financial assistance to Clubs that take on apprentice chefs and cooks. This program can significantly reduce the costs associated with training new talent. For more details, refer to the Australian Apprenticeships Incentive System Factsheet.
Wage declarations and worker compensation insurance
Clubs should be aware of a new data-matching program implemented by the State Insurance Regulatory Authority (SIRA). This program compares wage declarations made for worker compensation insurance against payroll tax declarations. Discrepancies, particularly significant and unexplained ones, could flag your Club for further scrutiny. To avoid potential heavy fines, ensure all wage declarations are accurate.
Annual liquor licence fee increase
Clubs and Hotels can expect a significant rise in their annual liquor licence fees for 2024. However, there are options for relief. Clubs facing financial hardship may apply for a fee waiver, and venues that regularly host live music can receive discounts. For a comprehensive breakdown, refer to ClubsNSW circular 24-040.
Compulsory superannuation increase
Starting July 1st, 2024, the compulsory superannuation contribution rate for employees will climb from the current 11% to 11.5%. For budgeting purposes, factor in an additional 0.5% increase scheduled for July 1st, 2025, bringing the final rate to 12%.
Staying informed about these changes is crucial for navigating financial considerations, managing compliance, and improving your Club's operations. However, we understand these updates can be complex to navigate on your own.
At Cutcher & Neale, we're passionate about helping Clubs achieve their financial goals.
We offer a wide range of accounting and financial services specifically tailored to the needs of the Club industry. Get in touch with our expert team today.
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Nick is a registered company auditor and strongly believes in the value of the audit function for clients and is strongly committed, both personally and with his audit team, in providing extensive feedback and advice in respect to key systems and controls. Strong controls improves governance and financial reporting throughout the organisation.
His broad experience in the club and hospitality industry and also not for profits, mining and manufacturing, coupled with his strong analytical skills have been invaluable when working with Boards and Management to implement risk management and business improvement strategies.
