EOFY 2015 - The Legal landscape looking back and what's to come looking forward.
Another financial year has now ended and it is time to look back at the year gone and forward to plan for the year ahead. Here are a few reminders re: 2014-2015 and changes being introduced in 2015-2016:
- For those in the Building and Construction Industry, your Taxable Payments Annual Report is due to be lodged by 28 August each year for the preceding financial year;
- Superannuation guarantee rose to 9.5% on 1 July 2014 and at this stage will remain at that rate until the end of the 2020-2021 financial year;
- From 1 July 2015 the National Weekly Minimum Wage applicable to employees not covered by an award or enterprise agreement will rise to $656.90 per week, equating to $17.29 per hour;
- From July 1 2015 the modern award minimum wage rates will increase by 2.5%;
- For business owners, changes to superannuation payments using SuperStream commence on 1 July 2015; and
- For clubs, pubs, restaurants and cafes now is a good time to review the changes to smoking laws which came in on 7 January 2013 (read our previous blog New smoking laws. ). Further changes to smoking laws come into force on 6 July 2015 (read our blog regarding the upcoming changes - Further changes to smoking laws.)
Other areas of your business you should consider updating or having reviewed on a yearly basis include:
- Employment Contracts;
- Employment Policies;
- Business Terms and Conditions; and
- Employee or Contractor - do you have your employees classified correctly?
If you are concerned you may not be currently up to date with the legal aspects of your business, Dooley & Associates offer a Free Business Health Check. We are able to undertake an analysis of the requirements of your business to identify risks and opportunities and suggest solutions to ensure you comply with changed or changing laws. Contact our office on (02) 9890 4755 to speak to one of our team who would be happy to organise a Check for you.Back