Earlier today, the Fair Work Commission’s expert wage panel increased the National Minimum Wage and all rates in Modern Awards by 3.75%, commencing the first full pay period on or after 1 July 2024.  This increase in minimum wages will coincide with the legislated rise in minimum superannuation contributions, increasing to 11.5%, on 1 July 2024.

From Friday 1 July 2022, there will be a number of changes set to impact all Australian businesses.

These changes include increases to minimum wages, compulsory superannuation and penalty units in NSW.   

The changes come as a timely reminder for businesses to review their contracts and industrial instruments. 

It is also a good time for businesses to ensure that they are meeting their minimum obligations, and to confirm who will bear the increase to superannuation.

On 15 June 2022, the High Court unanimously dismissed an appeal from a decision of the Court of Appeal of the Supreme Court of Western Australia, in the case of Hill v Zuda as trustee for The Holly Superannuation Fund [2022] HCA 21.

The High Court ruled that Regulation 6.17A (Payment of a benefit on or after death) of the Superannuation Industry (Supervision) Regulations 1994, does not apply to binding death benefit notices in self-managed superannuation funds (‘SMSFs’). 

This means that binding death benefit notices are applicable to regulated superannuation funds that are not SMSFs, but that binding death benefit notices are not applicable to SMSFs.