There are a couple of changes that will impact payroll procedures from 1 July 2023. As an employer, it is important that you are aware of and prepared for the changes to avoid penalties.
Minimum wage increase
The Fair Work Commission (the Commission) has announced:
- The National Minimum Wage will be increased to $882.80 per week or $23.23 per hour.
- A 5.75% increase to minimum Award wages.
The increase applies from the first full pay period starting on or after 1 July 2023. For more information,visit the Fair Work website.
Superannuation guarantee increase
The superannuation guarantee (SG) rate will also increase from 10.50% to 11.00% from 1 July 2023. Employers will need to ensure your payroll systems have been updated to reflect these changes correctly.
The following are handy links on how to deal with these changes from two of the more common software providers:
It is important to check that you have made all of the relevant changes by the due date to avoid extra costs and penalties.
More information
If you have any queries or would like assistance, your Moore Australia advisor can help.