The Fair Work Commission has announced a 5.2% increase to minimum wages. The new national minimum wage will be $812.60 per week or $21.38 per hour. The increase applies from the first full pay period starting on or after 1 July 2022.
Changes will also apply to award wages with a 4.6% increase to minimum wages. The new award minimum wage will be above $869.60 per week (based on a 38-hour week for a full-time employee) will get a 4.6% increase, while those below $869.40 per week will get a $40 increase.
To calculate the new award pay rates, the Fairwork pay calculator can be found here.
The Australian Taxation Office has announced that the $450 super guarantee threshold will be removed. The minimum super guarantee rate will rise from 10% to 10.5%. This increase applies from 1 July for salary and wage payments made on or after 1 July 2022.
To calculate the new super guarantee contribution, the Australian Taxation Office calculate can be found here.
More information can be found here.