Here are some useful numbers for you and your HR team, effective 1/7/21:

  1. Minimum wage up 2.5% – $772.60 per week ($965.75 casual rate) – $20.33 per hour ($25.41 casual rate); $40,175.20 pa ($50,219.00 pa casual rate)
  2. Modern Award pay rates –  Most Modern Awards increase by 2.5% from 1/7/21. Retail Award increases 1/9/21 and 21 other Modern Awards from 1/11/21 – check the Fair Work Ombudsman website for details or email me: david@wurthhr.com.au
  3. Unfair dismissal threshold – $158,500 (maximum payout is $79,250) – does not include super
  4. Maximum salary employers have to pay super on – $235,680 pa ($58,920 per quarter)
  5. Tax-free component for eligible termination payments – $11,341 plus $5,672 for each year of completed service
  6. Super guarantee – 10% from 1/7/21 (then .5% yearly increase to 12% from 1/7/2025)
  7. ATO rate for use of own vehicle – 72c per kilometre (no change from last year)
  8. Payroll Tax NSW – 4.85% tax kicks in on amounts above $1,200,000 pa

Be sure to double-check these figures yourself or with your accountant.