Welcome to the Winter issue of Business Adviser. In this issue we address:
A business’s guide to annual leave
Annual leave is a key right of part or full-time employment, providing workers with a paid period of rest and recuperation away from work. However, a lot of terminology, misconceptions and confusion may impact your employees’ understanding of what they may be entitled to or what you should be providing your employees.
10 new financial year resolutions for your business
As the new financial year begins, businesses have a fresh opportunity to set goals and strategies that can drive growth, improve efficiency, and enhance overall performance. Here are some key resolutions that Australian businesses can adopt to ensure a successful year ahead.
The super guarantee has increased – make sure you’re compliant!
The superannuation guarantee rate has increased again as part of the scheduled increments continuing through 2025. Effective 1 July 2024, the rate is now 11.5% for the 2024-25 financial year. These incremental increases offer businesses a manageable framework, allowing for gradual adjustments and continual strategising of their payroll and compliance management.
Business diversification in the new financial year – is it for you?
In the business world, “Don’t put all your eggs into one basket” is sage advice. But is it advice that’s suitable for you and your business? Diversification—expanding into new products, services, or markets—can reduce risk and open new revenue streams, enhancing profitability.
National minimum wage increase effective from 1 July 2024
Starting 1 July 2024, the National Minimum Wage in Australia will increase by 3.75%. This adjustment is part of the ongoing efforts to ensure workers’ fair compensation and keep pace with living costs.
Tackling your business debt in the new financial year
Managing business debt effectively is essential for maintaining financial health and ensuring the sustainability of your business. Whether you’re dealing with short-term loans or long-term liabilities, having a solid debt management strategy can help you navigate financial challenges and support business growth.