Key Financial Threshold Changes Effective 1 July 2013

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A number of employment related financial thresholds are indexed annually. Below is a summary of some important changes effective 1 July 2013.

National Minimum Wage (Before Statutory Superannuation)

2013/2013 financial year

2013/2014 financial year

AUD606.40 per week, or AUD15.96 per hour

AUD622.20 per week, or AUD16.37 per hour

The national minimum wage is the weekly/hourly rate for non-award covered employees. Please refer to the relevant Modern Award for applicable minimum wages for Award covered employees.

High Income Threshold for Unfair Dismissal Applications and Guarantees of Annual Earnings (Before Statutory Superannuation)

2013/2013 financial year

2013/2014 financial year

AUD123,300

AUD129,300

Where an employer can guarantee that an employee will earn more than the high income threshold, the employer and employee may enter into a Guarantee of Annual Earnings excluding the employee from Award coverage.

Maximum Compensation for Unfair Dismissal Applications

2013/2013 financial year

2013/2014 financial year

AUD61,650

AUD64,650

Annual Superannuation Guarantee Contribution Rate Increases

Financial year

Superannuation Guarantee Charge (SGC) rate

2013/2014

9.25%

2014/2015

9.50%

2015/2016

10.00%

2016/2017

10.50%

2017/2018

11.00%

2018/2019

11.50%

2019/2020

12.00%

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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