Australia: Key employment figures 2014/2015
Last Updated: 29 July 2014

Set out below are the main employment figures for the 2014/2015 financial year.

Employment

Category Amount
National Minimum Wage $640.90/wk or $16.87/hr
High Income Threshold $133,000 p.a
Unfair Dismissal Compensation Cap $66,500
Fair Work Act 2009 (Cth) Penalty Unit $170 for individuals
(per unit) $850 for corporations
Default Casual Loading 25%

Superannuation, Redundancy & Taxation

Category Amount
Compulsory Superannuation Amount* 9.5% p.a
Max Superannuation Contribution Base / Qtr* $49,430
Redundancy Tax Free Threshold Calculations* $9,514 + ($4,758 x completed years of service)
Employment Termination Payment (ETP)* Lesser of either 32% (17% if achieved preservation age) or marginal rate
ETP Cap* $185,000
Whole of Income (WOI) Cap $180,000

* Note: Theses figures may be subject to change as a result of proposed annual indexation amendments by the Federal Government and 2014 Federal Budget considerations. The Federal Government have also announced the "Deficit tax levy" (yet to be passed) thatwill temporarily apply a 2% levy to the taxable income of individuals earning over $180,000 pa.

Work Health & Safety Maximum Penalties (for primary obligations including workplace bullying under harmonised laws)

Relevant Person Category 1 - reckless as to risk of death or serious illness/injury Category 2 - risk of death or serious illness/injury Category 3 - failure to comply with health and safety duty
Body Corporate $3,000,000 $1,500,000 $500,000
PCBU (as individuals, including partners) and Officers $600,000 and/or 5 years
imprisoment
$300,000 $100,000
Individuals $300,000 and/or 5 years
imprisonment
$150,000 $50,000

Should you have any questions or concerns in relation to these figures or their application to particular circumstances, please contact a member of the Employment Law Team below. Persons should seek external advice including taxation advice before relying on these figures for the purpose of any settlement offers as settlements should be tailored to each individual case.

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