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July 1, 2021
It’s official. The end of financial year has arrived and while small businesses are busy getting their tax affairs in order, they should also take note of the legal changes set to occur at the start of the new fiscal year.
From a cut to the small and medium business tax rate and increase in the national minimum wage, there are a range of legislative updates affecting small businesses that kick in today.
Here’s a quick guide to key legal changes your business needs to know about in 2021-2022.
Increase to minimum wage
The national minimum wage will increase by 2.5% from today, following the Fair Work Commission’s annual review last month. The increase brings the national minimum wage to $772.60 per week or $20.33 an hour.
Self-managed superannuation funds will be allowed to have up to six members and the SMSF Association has welcomed this change as it will provide additional flexibility and choice in the super system.