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If you're wondering what Fair Work changes are coming from 1 July and how they will impact your Australian small business, this episode is for you. Hello and welcome to this week's episode of The Australian Small Business Show.

In this episode we discuss the key Fair Work and workplace compliance updates that Australian small business owners need to be aware of as the new financial year approaches. With changes to minimum wages, Modern Award rates, superannuation obligations and parental leave provisions, now is the time to ensure your business is prepared and compliant.

We unpack the Fair Work Commission's latest decision to increase the National Minimum Wage and Modern Award minimum rates, and what those changes mean for employers across Australia. We also explore the broader impact these increases may have on staffing costs, employee expectations around pay rises, and the importance of reviewing your pricing strategy to account for rising employment costs.

If you've been asking yourself, "What do I need to do before 1 July to stay compliant with Australian employment law and the Fair Work Act?" this episode provides a practical overview of the key actions to take now. We also discuss the move to Payday Super, changes to the government-funded Parental Leave Pay Scheme, and some of the workplace law myths and scare campaigns currently circulating in the market.

As discussed in the episode, a free annual compliance webinar will be held to help employers understand the changes and prepare their businesses for the new financial year. This is an excellent opportunity for Australian small business owners to stay informed and reduce compliance risks.

Key Takeaways:

• Modern Award minimum rates of pay will increase by 4.75% from 1 July.
• The National Minimum Wage will increase to $26.44 per hour or $1,004.90 per week.
• Payday Super is being introduced, requiring superannuation contributions to be paid much more frequently and within strict timeframes.
• The Parental Leave Pay Scheme is expanding to 130 days (26 weeks) for eligible parents.
• Rising employment costs should prompt business owners to review budgets, cash flow forecasts and pricing strategies.
• Not every workplace law change being advertised is actually new, making it important to seek accurate advice and information.

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Disclaimer: The information shared on The Australian Small Business Show is general in nature and does not constitute professional advice, legal or otherwise. We recommend consulting with your advisors on your specific circumstances.