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Are you prepared for the end of financial year?

May 30, 2019

 

It’s that time year again – the end of the financial year brings annual CPI increases and award changes.

 

There are various actions that need to be completed leading up to the end of the financial year, depending on legal requirements or just because it is best business practice:
 

  • For those businesses that qualify, ensuring that they have taken advantage of the federal government $20,000 capital deduction in this financial year

  • Completing the budgeting process for the new financial year

  • Planning for the final pay run of the financial year, including preparation of group certificates, payment of superannuation, etc.

  • Ensuring that team leaders complete the staff performance review process
     

Subsequent to 30 June 2019, your team should:
 

  • Ensure compliance with Fair Work, such as minimum wage, and review the impact to your business.*

  • Complete various reconciliations and lodgements of the PAYG return, Payroll Tax Return/s (if applicable), Workers Compensation Return/s, providing staff with Group Certificates, etc.
     

* On 30th May 2019, the Fair Work Commission handed down its annual wage review decision for 2019, which applies to all employees covered by modern awards and enterprise awards, as well as award-free employees. As a component of this, the Fair Work Commission has approved a 3% increase on minimum wages to $19.49 per hour.

 

* On 5th June 2017, the Fair Work Commission handed down its decision confirming that penalty rate reductions in the retail, hospitality, pharmacy and fast food sectors will be phased in over the next few years. In some cases the, full cut will not be implemented until 2020.

 

To mitigate your exposure to the potential for non-compliance, your team needs to understand how CPI increases, awards changes and other decisions by Fair Work impact your legal obligations as an employer. They also need to ensure that any required changes are implemented correctly.

 

For professional support with workplace compliance and risk mitigation, contact us today.

 

 

 

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