The Minimum Wage increase of 3%.
The Fair Work Commission has increased minimum wages in awards and the national minimum wage by 3% on Wednesday 6th June. This increase will impact each casual employee that is hired under the minimum award classifications.
Superannuation Guarantee increase to 9.5%.
For the year 2014/15, employers are required to pay 9.5% of the ordinary time earnings of their employees (including part-time and casual employees) who are aged over 18 into a complying superannuation fund or retirement savings account.
In the federal budget on 13 May 2014, it was announced that the minimum SG contribution will remain at 9.5% until 30 June 2018. The charge percentage will then increase by 0.5% each year until it reaches 12% from 1 July 2022.
Payroll Tax reduction to 4.85%.
The Victorian State Government’s recent budget included a reduction in the Payroll Tax levied on the wages paid by employers by 0.05 to 4.85 from 1 July 2014.
Workcover Industry Rate reduction by approximately 2%.
The Victorian State Government recently announced that the Victorian Workcover Authority will be reducing the premium rates down on average by 2%. The average workcover premium in Victoria is at an all time low of 1.272% of payroll