On Saturday 21st March 2022, the Australian people went to the polls and elected a new Government, the Australian Labor Party (ALP). After 9 years under the Liberal Party, this federal shift brings with it some anticipated amendments to employment law and practices.
Any changes will take time to make their way into legislation, however we do know the promised focus of the new Federal Government so we have a good idea what these changes might be.
Running a SME during a pandemic has meant keeping a careful eye on cashflow. As a result, little changes can have a big impact if we don’t plan ahead. One such change is the annual increase in Superannuation Guarantee Contributions over the next four years. Employer contributions started moving from 9.5% in 2020 and will increase gradually to 12% in 2025. This year on 1 July 2022, employer contributions move to 10.5%.
The end of the financial year presents a good time to review your businesses operations and performance; reflect on what has worked in the business from a marketing and operational perspective; assess whether it’s been a ‘good’ or ‘bad’ year; and plan for the coming financial year.
As we quickly approach the end of another financial year, there are many things which need to be ticked off the list for small or medium sized business owners. No two lists are the same, but some there are some common HR tasks to help you launch into the new financial year smoothly.
The Superannuation Guarantee Percentage increases on 1 July 2022 from 10% to 10.50%. We share some tips to help SME’s manage the change effectively.
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