Please be advised that the Fair Work Commission (FWC) has announced an increase of 3.5% to the National Minimum Wage. This increase will also apply to minimum wages for each classification level of the Modern Awards.
The 3.5% increase will be payable from the first full pay period on or after 1 July 2018.
What does this mean for you and your business?
The national minimum wage applies to employees who aren’t covered by an award or agreement.
For employees covered by an award, award rates will increase by 3.5%.
If you’re covered by a registered agreement, you should check it to see whether this increase affects you. For more information CLICK HERE
The increase doesn’t affect employees who already get paid more than the new minimum wage.
Changes to Registered Building Practitioner Licencing
Recently the Victorian Building Authority (VBA) communicated via email to all current registered building practitioners regarding registration requirements which will come into affect July 1st 2018.
New registration requirements will apply to companies that either enter into major domestic building contracts or are named on building permits as the builder for certain types of work.
These changes do not affect sole traders, who may continue to carry out building work.
For a full guide on the changes and whether they will affect you and your business CLICK HERE
Single Touch Payroll
Single Touch Payroll is a reporting change for employers.
It starts from 1 July 2018 for employers with 20 or more employees. You will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees. Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament.
Count the employees on your payroll as of 1 April to see if you need to get ready for Single Touch Payroll.
Whilst coaching and working with hundreds of business owners over the last 15 years, one of the biggest mistakes that I see owners making time and time again, is having a predetermined idea of what they think a successful business should be and keeping this as their central focus. I strongly believe understanding what a successful life looks like, is far more important. From here, consider how you shape your business to help create your successful life.
Keep in mind having a successful business at the expense of your idea of a successful life may still leave you unfulfilled. Remember, your business is not you, and you are not your business. Your business is simply a vehicle to get you to where you want to be in life.
When I ask a business owner what a successful life looks like, their answer is usually very simple; pay off the home, travel, spend more time with their family, contribute to the community and so on. Most people are looking for a ‘simple life with less stress’ and more time for quality relationships.
So, what does your business need to provide for you to fulfil on this vision?
Some simple steps to take:
Identify what ‘success in life’ looks like to you/your partner
What results does your business need to produce to help you fulfill on item #1
Go to work on creating that business.
It is likely that your solution may be a combination of consistent work that is profitable, working no more than 40 to 50 hours a week, fostering a small team of quality people, and retaining quality clients, etc.
Remember, clarity precedes mastery!
Obtaining ‘what success means to you’ requires change, a little effort, persistence and a new outlook/attitude. This is all very possible and in today’s modern world we all have access to the tools to make this a reality.
For more guidance on creating a business that works for you, connect with the team at PROTRADE United on 1300 76 77 74.