But amid the mad rush of the end of the financial year, it can hard to keep track of other legal changes that come into effect as we start a new financial year.<\/p>\n That\u2019s where\u00a0SmartCompany<\/i>\u00a0comes in. Here\u2019s a quick guide to key legal changes your business needs to know about in 2018-19.<\/p>\n The national minimum wage is\u00a0due to increase by 3.5%<\/a>\u00a0and this change will kick in on July 1.<\/p>\n From Sunday, employees will be entitled to a minimum take-home weekly pay of $719.20, or $18.93 and hour.<\/p>\n This represents a weekly increase of $24.30 for approximately 2.3 million Australians, and modern award wages will also be increased by the same amount.<\/p>\n The Fair Work Ombudsman is calling on all employers to check the new pay rates that will now apply to their business, which they can do via the Ombudsman\u2019s updated\u00a0Pay and Conditions Tool<\/a>.<\/p>\n The second lot of changes to Sunday penalty rates for workers in the fast food, retail, pharmacy and hospitality sectors are also due to commence on July 1.<\/p>\n Last year, penalty rates across those sectors dropped by 5% from the previous Sunday rates, but the cuts will be steeper this coming financial year.<\/p>\n For example, Sunday loading rates for full-time and part-time workers covered by the Retail Industry Award will drop from 195% of the base hourly rate to 180% of the base hourly rate.<\/p>\n To see how the changes will be introduced for each award, revisit this article from\u00a0last year<\/a>.<\/p>\n How businesses report staff payments to the Australian Taxation Office is also set to change on July 1, with Single Touch Payroll (STP) becoming mandatory for employers with 20 or more employees.<\/p>\n As Charles Power, a workplace relations and safety partner at Holding Redlich explains, Single Touch Payroll means employers will be \u201creporting their employees\u2019 salaries and wages, pay-as-you-go withholding and super information\u201d via their payroll software each time they make a payment to staff.<\/p>\n \u201cIf you have 19 or fewer employees, you don\u2019t have to do anything yet,\u201d Power tells SmartCompany. \u201cHowever, you can choose to report through STP if you use payroll software that is STP-enabled\u201d.<\/p>\n Not sure where to start? Check out these\u00a0six STP scenarios<\/a>\u00a0to find out what stage your business is at.<\/p>\n At the start of each new financial year, the high-income threshold for unfair dismissal claims also changes.<\/p>\n From July 1, the threshold will increase to $145,400, from $142,000.<\/p>\n The change is relevant to employers for two reasons, says Power.<\/p>\n \u201cIf an employee\u2019s annual earnings exceed this threshold and they are not covered by a modern award or enterprise agreement, they will not be able to bring an unfair dismissal claim,\u201d he says.<\/p>\n \u201cIf an employee\u2019s annual earnings exceed this threshold, you will be able to make a guarantee of annual earnings with him or her and preclude application of any modern award that would otherwise apply.\u201d<\/p>\n The maximum amount the Fair Work Commission can order in compensation for an unfair dismissal case will also increase to $72,700 for dismissals occurring on or after July 1. This is an increase of $1700 from last year.<\/p>\n Employers should also be aware of a change regarding the Superannuation Guarantee Charge (SGC), says Power.<\/p>\n \u201cWhile the SGC obligation remains at 9.5 percent of the employee\u2019s ordinary time earnings, this will apply to the increased base of $54,030 of the employee\u2019s quarterly earnings,\u201d he says.<\/p>\n He also reminds employers that the Superannuation Guarantee amnesty that has been in place since May will continue until May 23, 2019.<\/p>\n \u201cEmployers who voluntarily disclose previously undeclared shortfalls in SG contributions during this period will not be liable for the administration component and penalties that may otherwise apply to late SG payments,\u201d Power explains.<\/p>\n \u201cIn addition, this will be able to claim a deduction for catch-up payments made in the 12-month period.\u201d<\/p>\n The amnesty applies to shortfalls between July 1, 1992 and March 31, 2018.<\/p>\n For businesses in the food sector, including retailers, it\u2019s important to be aware that\u00a0the new Country of Origin labelling laws<\/a>\u00a0become mandatory from Sunday.<\/p>\n As Holding Redlich commercial law partner Dan Pearce and graduate Madison Tonkes explain, the new labels have applied to food products sold in Australian retail stores since July 1, 2016. However, a two-year transition period is due to end and it will now be mandatory for all products to display the labels.<\/p>\n \u201cFailure to comply with the new labelling requirements may amount to misleading and deceptive conduct under Australian Consumer Law, attracting hefty fines from the consumer watchdog,\u201d say Pearce and Tonkes.<\/p>\n Laws are also due to come into effect on Sunday that will change how contract clauses can be enforced in the event that a party to the contract becomes insolvent.<\/p>\n![\"\"](\"https:\/\/cruzandco.com.au\/wp-content\/uploads\/2018\/07\/legal-changes-that-small-business-need-to-know.jpg\")
<\/a>It\u2019s that time of the year again. You\u2019re (hopefully) well on your way to getting your\u00a0tax affairs<\/a>\u00a0in order as June 30 approaches, and come Saturday, your finance team will be putting their feet up for a well-earned rest.<\/p>\nMinimum wage increase<\/b><\/h2>\n
Penalty rates<\/b><\/h2>\n
Single Touch Payroll<\/b><\/h2>\n
Unfair dismissal threshold<\/b><\/h2>\n
Superannuation<\/b><\/h2>\n
Food labelling laws<\/b><\/h2>\n
\u2018Ipso facto\u2019 clauses in contracts<\/b><\/h2>\n