Payroll changes in 2024-25

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Prepare your small business for payroll changes in the new financial year‼️

If you run a small business and employ staff here are three critical changes in the new financial year that you should be preparing for right now!

The Minimum Wage and minimum award wages will increase by 3.75% from the first full pay period after 1 July.

Tax cuts for individuals from 1 July means less tax will be withheld from employee’s pay and therefore, more of their wages paid to them in their payroll payments.

Increase to the superannuation guarantee rate by half a per cent to 11.50% for the next financial year. This applies to all wages paid on or after 1 July.

These changes will result in both an increase in your payroll expenses and more of your cash leaving the bank account sooner.

If you need some help:

👉🏼 Budgeting for these changes

👉🏼 Streamlining your payroll

👉🏼 Getting on top of your outstanding tax liabilities

DM us the word ‘help’ and I will be in touch to set-up some time to chat 📩

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