As another new financial year brings in more important
changes and new rates apply from 1 July 2015. A snapshot of these
changes is set out below.
MINIMUM WAGE INCREASES
$656.90 / week | $17.29 / hr
The National Weekly Minimum Wage that applies to employees not
covered by an award or enterprise agreement ("award/agreement
free employees") has increased from $640.90 /week or $16.87
All modern award minimum wage rates have increased by 2.5%
(rounded to the nearest 10 cents).
$50,810 / quarter | $203,240 / annum
The maximum superannuation contribution base has increased from
$49,430/quarter or $197,720/annum.
An employer is not required to make superannuation contributions
on behalf of employees on earnings in excess of that maximum
The superannuation guarantee contribution rate remains at the
TAXATION OF EMPLOYMENT TERMINATION PAYMENT (ETP)
Base limit of $9,780 and $4,891 for each completed year
The tax-free component for bonafide redundancy ETPs has
increased from a base limit of $9,514 and $4,758 for each completed
year of service.
ETP CAP - $195,000
The ETP cap has increased from $185,000. Amounts over this cap
are not subject to concessional tax treatment and are taxed at the
highest marginal tax rate.
NEW HIGH INCOME THRESHOLD
$136,700 / annum
The High Income Threshold has increased from $133,000 per
Employers must take care when determining whether an
employee's earnings are above this threshold because some
amounts paid to the employee may not be counted (for example,
commissions, bonuses, overtime, reimbursements and compulsory
Award/agreement free employees' access to the unfair
dismissal regime is restricted by the high income threshold.
This threshold also affects which employees may be offered a
"guarantee of annual earnings" that will result in no
modern award applying to those employees for the period of the
UNFAIR DISMISSAL - $68,350 or 26 weeks' pay
The maximum compensation available for unfair dismissal claims
has increased from the lower of $66,500 or 26 weeks' pay.
FILING FEE INCREASES
$68.60 per application
The filing fees for unfair dismissal and general protections
applications have each increased from $67.20.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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An employee that refused a reasonable offer of settlement was ordered by the FWC to pay his ex-employer's legal costs.
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