There will be some key changes to the superannuation landscape come 1 July 2017 with the Federal Government set to implement a suite of reforms.
Please click here to see the Treasury's comprehensive outline of the changes.
Workplace Relations & Safety
Sparking plenty of discussion, the key workplace change is the Fair Work Commission's decision to increase the federal minimum wage by 3.3 per cent which will come into effect from 1 July 2017.
The increase is substantially more than last year's increase of 2.4 per cent but still falls short of the increases being sought by the unions.
The decision is said to affect over 2.3 million employees in Australia and has the intention of improving the relative living standards of the low paid.
Minimum award wages will also be increased by 3.3 per cent, with weekly wages to be rounded to the nearest 10 cents.
Employers should ensure that they are ready to implement these increases by reviewing their current remuneration arrangements and checking that they will comply with the proposed increases. They should also review any applicable awards as part of this review.
For more information on the changes, please see our full article here.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
