Today (1 July 2024) is the start of the new financial year, which means changes to tax rates, minimum wages and superannuation.

There is good news for employees and more worry for some local struggling retail businesses.

Firstly, the new Australian Government Tax Rates kick in from today. Someone earning $50,000 a year will pay $929 less tax each year.

Those employees on the minimum wage will earn an extra 3.75% from today.

The Fair Work Commission's pay guides are listed here: https://www.fairwork.gov.au/pay-and-wages/minimum-wages/pay-guides#J.

Superannuation payments increase from 11% to 11.5% from today.

While that is good news for employees, keep in mind what that means for local businesses, especially retail businesses. They have been struggling in 2024 with high interest rates and high inflation, which have not only increased their costs but also reduced household disposable income, so they have less discretionary money to spend at the till.

NSW Farmers is also reminding employers about the minimum award pay and superannuation rate changes.

Employers with award-reliant employees were encouraged to review their staff pay rates to ensure they met the applicable minimum rates and conditions and had the relevant documentation in place for pay arrangements that deviate from the award terms.

As part of its Workplace Relations service to members, NSW Farmers publishes Rural Wage Guides for agriculture-related awards every year, so farmers can stay up-to-date on pay rates and impending changes in employment matters.

“Running a farm is no different to running any other business, it’s important to stay up to date with these changes,” NSW Farmers Workplace Relations spokesman Chris Stillard said.

“Our professional workplace relations team is available to support and guide members with any employment-related matters they have including pay-related matters.

“No matter what industry you’re in, whether you’ve got one worker or 50, make sure you’re prepared.”

The 2024 NSW Farmers Rural Wage Guides are now available for members, outlining the superannuation increase to 11.5 per cent and increases to minimum wage standards, among a range of other guidance.

For more information about the annual wage review, visit the Fair Work website. To find out more about the NSW Farmers Workplace Relations service, click here.