As we approach April 1st, 2024, there are some important updates heading our way that could affect your business.
Here's what you need to know:
Minimum Wage Increases: The adult minimum wage will be going up from $22.70 to $23.15 per hour. For those on starting out and training wages, the rate will increase from $18.16 to $18.52 per hour.
ACC Earners Levy Rates: Expect an increase from $1.53 to $1.60 (per $100), inclusive of GST. Plus, the maximum annual threshold for liable earnings will rise from $139,384 to $142,283.
Student Loan Threshold: The threshold is also getting a bump, going from $22,828 to $24,128.
Make sure you're prepared:
Inform Your Team: It's essential to let your team know about the upcoming wage increase, and it's best to do so in writing.
Check Payroll Systems: Ensure your payroll systems are up-to-date and ready for the changes. Collaborate with your payroll provider, accountant, or HR personnel to make any necessary adjustments.
Update Budget Forecasts: Take the time to update your budget forecasts to accommodate the increased costs and manage higher wage and holiday pay liabilities effectively.
Know Your Obligations: Familiarise yourself with all the minimum wage obligations to ensure compliance.
Need a Hand? If you have any questions or need support navigating these changes, don't hesitate to reach out to your bookkeeper. We're here to help you every step of the way!
Stay informed, stay prepared, and let's tackle these changes together!
