The end of financial year is fast approaching and this is a significant time for North Sydney small businesses to stay updated and compliant with the workplace relations changes that will come into effect starting 1 July.
The Fair Work Commission (FWC) will have changes that occur annually, including the National Minimum Wage and the base rates of pay for each Modern Award.
The changes will come into effect the first full pay period on or after 1 July. The changes will be mandatory and owners should know what it means for the conditions and entitlements of their employees.
The FWC also lowered the rates payable on public holidays under some Modern Awards.
The introduction of these changes was delayed from March until 1 July and it will coincide with the changes to the base rates of pay under the Hospitality Industry (General) Award 2010, Restaurant Industry Award 2010, General Retail Industry Award 2010, Fast Food Industry Award 2010 and Pharmacy Industry Award 2010.
Meanwhile, the reductions in the Sunday penalty rates in some hospitality and retail awards will be phased in over the next few years, starting 1 July 2017.
Employers should ascertain the new pay rates for their employees and make sure that record keeping is in place for an easier transition. , They may also choose to still pay their employees at the same rate as before, provided it meets the minimum set by the Modern Award.
In other news, the North Sydney skyline is rapidly changing with over $2.5 billion worth of new developments.
There are three A-grade commercial buildings being built in the CBD with 13 residential and mixed use developments approved. Some are completed while others are still in progress.
There are two new hotels and two new serviced apartment buildings with a fourth supermarket in the pipeline. The new Sydney Metro will have a new station called Victoria Cross and by 2019, the CBD will likely have 15,000 more workers and about 5,000 residents living on the fringe of the CBD.
North Sydney is home to a mix of knowledge-based industries and new developments will enhance its commercial offering. Council continues to work to manage the impact of the development on residents and businesses.
For more information about business and investments in North Sydney, Australia, contact a Specialist to discuss your particular circumstances.
If you like what you are reading, subscribe to our newsletters now at www.chan-naylor.com.au