Find out more about the key changes taking effect from 1 July 2024 that are likely to have an impact on small business owners in Western Australia. 

New minimum wages 

The minimum wage for both the national and state industrial relations systems will increase from the first pay on or after 1 July 2024. 

National minimum wage increase

If your business operates under the Fair Work federal industrial relations system (covering businesses such as ‘Pty Ltd’ companies), the new national minimum wage will be $915.90 per week or $24.10 per hour. This rate takes affect from the first full pay period starting on or after 1 July 2024. 

The national minimum wage increase covers all employees who are not covered by an industry award or registered agreement. 

Visit the Fair Work website for more information about the national minimum wage increase. 

State minimum wage

If your business operates under the WA state industrial relations system (covering sole traders, some micro businesses, unincorporated partnerships and unincorporated trust arrangements), the new minimum wage will be $917.80 per week or $24.15 per hour. 

Visit the Wageline website for updated WA award summaries and minimum pay rates for award free employees. 

Super guarantee rate increase 

The super guarantee rate will increase from 11 per cent to 11.5 per cent on 1 July 2024. This change is part of incremental increases that will see the rate increase by 0.5 per cent annually until it reaches 12 per cent on 1 July 2025. 

The rate of 11.5 per cent will need to be applied to all salary and wages paid on and after 1 July 2024, even if some or all the pay period it relates to is before 1 July 2024. 

Visit the Australian Taxation Office (ATO) website for details of future increases to the super guarantee. 

Employment conditions 

For businesses operating under the national industrial relations system (eg: ‘Pty Ltd’ companies) there will be changes to the terms and conditions for casual employment and independent contractors

These changes include new definitions for casual employment and independent contractors and new frameworks to allow casual employees to change to permanent employment and to protect independent contractors performing work on digital labour platforms that are employee-like workers. 

While these changes will take place from 24 August 2024, you may find it beneficial to review these changes ahead of time to ensure it doesn’t affect any employment arrangements you have with your staff. 

Ban on engineered stone 

From 1 July 2024, the use, supply and manufacture of engineered stone slabs, panels and benchtops will be banned. 

A transition period will be in place until 31 December 2024 to allow for pre-existing contracts to be honoured, as long as the contract was entered into on or before 31 December 2023. 

Find out more about the ban on engineered stone

Federal Budget commitments 

As part of the 2024-25 Federal Budget, the Australian Government announced the following measures which take effect from 1 July 2024. 

Energy bill relief 

Eligible small businesses will receive a credit from the Federal Government towards their electricity costs. This is in addition to the $400 in energy bill relief announced by the Western Australian Government as part of the 2024-25 State Budget announced on 9 May 2024. 

Instant asset write-off extended 

The instant asset write-off has been extended for an additional year. Under the scheme, eligible small business owners can deduct up to $20,000 per business asset/resource for the 2024-25 tax year. These purchases must be installed and ready for use in your business between 1 July 2024 and 30 June 2025. 

Please note: this extension is dependent on legislation being passed through Federal Parliament. We recommend discussing this tax measure with your accountant, bookkeeper or financial adviser. 

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Legal and risk
17 June 2024