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End of financial year checklist 17-18

With the end of financial year fast approaching it’s important to make sure you’re up to date with your paperwork and all workplace relations matters.
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End of financial year checklist 17-18

End of financial year checklist 17-18

29 June 2018

With the end of financial year fast approaching it’s important to make sure you’re up to date with your paperwork and all workplace relations matters.

Is your company ready to start off the new financial year? Here are the essential things you want to know.

1. New pay rates

The national minimum wages will increase from the first full pay period starting from 1 July by 3.5%. An increase in the modern awards was also announced. This will not only affect wages, but also a range of allowances and other financial benefits under each award. Ensure to check and correct all relevant awards for your employees. 

2. Single Touch Payroll

From 1 July, businesses with 20 or more employees will be required to report salary, wages, PAYG and superannuation to the Australian Taxation Office (ATO) via the new system with every pay run. Although ATO announced a grace period for this financial year, it’s a good idea to begin using a tool which allows reporting through Single Touch Payroll. 

3. Contracts and record keeping 

Ensure your employee contracts are clear, legitimate and regularly updated. With the Fair Work Ombudsman’s strong focus on maintaining fair, productive and safe workplaces for “vulnerable workers”, it is essential for employers to treat all casuals as you would any other employee when it comes to record keeping, performance management or disciplinary matters. 

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