Get set for a 3.0% wage increase – 2019 Annual Wage ReviewThe Fair Work Commission has announced a 3.0% increase to minimum wages.
The new national minimum wage will be $740.80 per week or $19.49 per hour.
The increase applies from the first full pay period starting on or after 1 July 2019.
Link to the Commissions’ Annual Wage Review 2018–19 //www.fwc.gov.au/documents/wage-reviews/2018-19/decisions/2019fwcb3500.pdf
Happy New Financial Year!
Deficit Levy to be abolished – thus resulting in a 2% tax cut for individuals with taxable income in excess of $180 000.
On 6 June 2017, the Fair Work Commission handed down its annual wage review. The decision varied the following:
- Minimum wage rates in Modern Awards – increased by 3.3% from first full pay period commencing on or after 1 July 2017 (rounded to the nearest 10 cents)
- National minimum wage – increased by 3.3% to $694.90 per week, or $18.29 per hour
- Wages for juniors, apprentices – most rates are expressed as a percentage of nominated adult rate so they receive a proportionate increase to the adult rate
- Wages for trainees and piece workers – most trainees are covered by the National Training Wage system that is included as a schedule in most awards. National Training Wages will also be increased by 3.3% from the first pay period on or after 1 July 2017. Piece rates will increase in accordance with the relevant provisions in the modern award, pay scale or transitional award.
- Supported wage system – employees with a disability: these employees are paid a percentage of the relevant adult wage, based on their assessed capacity. The 3.3% increase will also flow through to these employees.
Rental Property Deduction Crackdown
First Home Saver Scheme to Commence
Voluntary super contributions made from 1 July 2017, will be able to be withdrawn as a deposit for a first home. More information.
Single Touch Payroll
Available for some employers