What's changing on 1 July 2015?

18 June 2015

The start of a new financial year bring changes to government programs, requirements and fees. Read on to find out some of the key changes you should be aware of in regard to tax, superannuation, employing and ASIC fees.

Tax

If your business has a turnover less than $2 million you are set to benefit from 1 July when tax cuts and deductions become available.

Superannuation

Employment

  • Minimum wage will increase by 2.5% to $656.90 per week or $17.29 per hour. Award pay rates will also increase by 2.5%. The Fair Work Ombudsman is working to update the pay rates in their Pay & Conditions Tool.
  • Jobactive will replace Job Services Australia. Jobactive is an employment service that will help employers to find employees and provide access to wage subsidies for young, mature age, Indigenous and long term unemployed people.

Registration fees

  • ASIC business registration fees will increase based on the Consumer Price Index. Business name registration and renewal will remain at $34 for one year and increase by $1, to $79, for three years. Information about other fee increases, including company registration, is available on the ASIC website.

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Last updated: 08 September 2016