Amendments have been introduced to the Australian Fair Work Act affecting superannuation, deductions from pay and additional changes to the ‘Closing Loopholes’ laws that employers will need to comply with.
Superannuation in the National Employment Standards
As of 1 January 2024, employer superannuation obligations are now recognised as an entitlement within the National Employment Standards in addition to superannuation guarantee laws. These changes are now included in the Fair Work Information Statement. With the superannuation guarantee increasing again by 0.5% in July, it is important to ensure these changes are processed correctly and on time to avoid any possible repercussions.
Employee authorised deductions
From 30 December 2023 there are new regulations regarding employee authorised deductions from pay. Permission now needs to be documented in writing, including outlining the circumstances under which these deductions are permissible and recorded. These changes encompass both one-time and recurring deductions, as well as those for fixed or variable amounts.
However, awards and registered agreements may allow for some deductions to be made in outside of these new rules.
Changes to ‘Closing Loopholes’ laws
As part of the Australian Government's 'Closing Loopholes' legislation, several amendments have been implemented in the Fair Work Act affecting payroll and HR operations. The majority of these changes came into effect on 15 December 2023, with additional adjustments scheduled into 2024 and 2025. Modifications include new discrimination protections for employees facing family and domestic violence, determinations varying modern awards to include a delegate’s rights term, and intentional underpayment of wages becoming criminalised.
For more information about what’s changing, consult the Fair Work Commission’s website
To understand how Sybiz Visipay HCM
can help you manage these new requirements, consult with your Sybiz Authorised Business Partner, or contact Sybiz