Welcome to the Winter issue of Business Adviser. In this issue we address:
The Fair Work Commission minimum wage decision
From 1 July 2022, the minimum hourly wage for Australian workers has been raised by the Fair Work Commission in a landmark decision. We review the changes and awards.
Wage theft: financial crime or payroll mistake?
Public discourse around wage theft generally devolves into accusations of big businesses ripping their employees off intentionally, but many other instances of the crime occurring are inadvertent, due to the complexity of Australia’s payrolling system.
Superannuation and your business in the new financial year
From the 1st of July, the Super Guarantee rate will have increased to 10.5% of all wages (including some contractor payments). To ensure that you are remaining compliant with this process as an employer, you should make sure that you have made the necessary changes required.
Classifying casual workers compliantly
The meaning of casual employment has evolved and been upheld many times through common law. It is important to keep up to date with the definition.
Handling inflation costs in your business
As the country’s interest rates rise, so too do the costs for businesses. The spike in inflation could provide additional challenges for unprepared businesses across the country.
Company tax return preparation
If your company had a prior-year tax return outstanding on 30th of June, then your next company tax return is due by the 31st of October. This means that there may be multiple items that you need to prepare for your company’s return, and the sooner that they’re addressed, the better.
Commercial debt forgiveness rules
A debt that has been incurred by a business that cannot be ‘collected or recovered’ may be reduced under the Australian Taxation Office’s commercial debt forgiveness rules. These rules often play a large role in insolvency proceedings and need to be handled carefully.