At the beginning of a new financial year, it’s easy to get caught up in getting your accounts ready for your tax reporting and forget the most important Payroll check of the year.
The 1st of July each year is when any changes awarded under the National Minimum wage and base rates of modern awards come into effect.
This year, it is also when the changes to public holiday rates under the following awards come into effect.
- General Retail Industry Award 2010
- Fast Food Industry Award 2010
- Pharmacy Industry Award 2010
- Restaurant Industry Award 2010
- Hospitality Industry (General) Award 2010
Before your first pay run of the financial year it pays to run a few checks on your system
- Check that your payroll system reflects the updated wage rates for your employees.
- Check that any changes to public holiday rates that you are choosing to apply are reflected in your payroll system. Remember, you are under no obligation to drop the penalty rates you pay your staff to the lower penalty rates in the award. Many businesses are choosing to retain the current penalty rates as a way to attract and retain good staff.
- Check the end dates of any staff on fixed term contracts as many run on a financial year basis and may need a new contract signed if they are remaining.
- Review your Workcover policies to ensure that you have adequate worker’s compensation coverage.
It also pays to book and schedule in anti-harassment and bullying training for the year, to review your HR Manual, start a recreation leave calendar so you can plan for upcoming absences and plan your wages budget for the coming financial year.
For more information about what to do on 1 July, check out the Fair Work Australia website.
Wishing you a successful 2017-2018!