Are your Payroll and HR Departments ready for the New Financial Year?
Human Resource Management, People Management, Workforce Management
As businesses around the country prepare for the end of the financial year, experts are warning organisations they need to be aware of the legislative changes that will come into effect on July 1.
Biometric Time Attendance
Here are some of the key new legislative requirements businesses will face:
Minimum Wage Increase
The $19.40 per week increase on the minimum wage comes into effect from July 1. Employers need to ensure they meet all necessary pay requirements and update their payroll schedules to ensure employees are not underpaid.
The 3.4% increase in modern award wages will take effect from the first pay period to start on or after July 1. Revised modern awards which include the increased wages will be available on the FWA website.
Paid Parental Leave Scheme
While the Paid Parental Leave (PPL) Scheme was introduced at the beginning of this year, Government processing of the Scheme expires on June 30, so from July 1 employers will be responsible for processing the payments (18 weeks' pay at the national minimum wage to eligible employees who have or adopt a child from that date).
Employers are advised to ensure they have processes in place for dealing with the PPL scheme and to be aware that any existing parental schemes they have will also need to be paid.
Centrelink have put together a designed to assist employers and HR staff in preparing for their role in providing PPL to their eligible employees. See the Centrelink website for more information.
Reducing End of Financial Year Stress
Did you know that an effective can help reduce the workload associated with the transition to a new financial year?
- * Minimise risk by automating compliancewith Modern Awards and work rules
- * Ensure consistent application of pay rules, policies and workplace legislation
- * Cut Payroll Costs by reducing costly payroll errorsand inflation
- * Reduce Payroll Processing time by automating the transfer of hoursdirect to your payroll system
- * Safeguard you and your business with a complete Audit Trail
Sound like the answer to all your prayers?
If you would like to find out more about Mitrefinch's Time and Attendance Solution and how it can help you manage your end of financial year payroll woes contact us today on 1300 884 831 (Australia)or 09 363 9557 (NZ). Alternatively visit us online.
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