Here's a summary of some of the key changes effective 1 July 2018
Minimum Pay Rates
| National Minimum Wage (before statutory superannuation) | |
|---|---|
| 2017/2018 financial year | 2018/2019 financial year |
| $694.90 or $18.29 per hour | $719.20 or $18.93 per hour |
Junior employees (those aged from 16 to 20) are entitled to a percentage of the minimum wage calculated on a sliding scale by reference to their age.
For modern award covered employees, minimum wages are increased by 3.5%, rounded to the nearest 10 cents.
The default casual loading is maintained at 25%.
High Income Threshold
| High Income Threshold (before statutory superannuation) | |
|---|---|
| 2017/2018 financial year | 2018/2019 financial year |
| $142,000 | $145,400 |
Award and enterprise agreement free employees who earn over the High Income Threshold aren't eligible to make a claim for unfair dismissal.
Statutory Superannuation - Maximum Contributions Base
The earnings base upon which statutory superannuation contributions are calculated is subject to a maximum amount known as the Maximum Contributions Base.
| 2017/2018 financial year | 2018/2019 financial year |
| $52,760 per quarter or $211,040 per annum | $54,030 per quarter or $216,120 per annum |
The statutory superannuation contribution remains at 9.5%
Tax free threshold for 'genuine redundancy' payments
| 2017/2018 financial year | 2018/2019 financial year |
| First $10,155 tax free; and $5,078 tax free for each completed year of service | First $10,399 tax free; and $5,200 tax free for each completed year of service |
We do not disclaim anything about this article. We're quite proud of it really.
