What does the increase in national minimum wage mean for your business?

August 20, 2021

Following the release of the Annual Wage Review in 2021, it has been announced that the Fair Work Commission, also known as the FWC, will be increasing the national minimum wage in Australia by a total of 2.5%.

 All award wages will also be adjusted in line with this increased percentage. These changes are happening gradually over phases between the 1st of July and the 1st of November.


As an employer, it's your responsibility to keep up on changes relating to the national minimum wage and award wages, especially if they apply to your employees. We've covered in detail all you need to know about the changes and who is included as a part of this increase:


What is the national minimum wage increase, and who does it apply to?


The national minimum wage increase is a result of the Annual Wage Review in 2021. Alongside a few other changes concerning the spread of hours, part-time retail hours and health services, a 2.5% increase in the national minimum wage was the most significant change in the 2021 review.


For any employee not covered by an award, the national minimum wage in Australia is now $20.33 per hour or $772.60 per week.


This increase applies to any employee who is either paid the national minimum wage in their job or the minimum award wage in professions covered by an award.


What do employers need to do to meet the new wage requirements?


Employers will need to review the current pay of their employees to see whether they meet these new national standards. It's essential you look up the correct information in line with the specific award your profession falls under. Regardless of what current employment contracts say, employees' wages should be raised to meet this new minimum amount if they fall beneath it.


All wage adjustments should have been carried out before the deadline of the 1st of July 2021. The exception to this rule is if the award for the business is part of the later dates detailed below. Employers should also note that employees' super guarantee rate has risen from 9.5% to 10% as of the 1st of July 2021.


The three stages of the wage increase


Most wage increase deadlines, including the generic national minimum wage deadline, were due on the 1st of July. However, certain professions will not need to switch their award rates over until the second or third stages listed below. The full list of awards covered are as follows:


July 1st 2021

[MA000018] Aged Care Award

[MA000118] Animal Care and Veterinary Services Award

[MA000153] Australian Government Industry Award

[MA000020] Building and Construction General On-site Award

[MA000095] Car Parking Award

[MA000120] Children's Services Award

[MA000022] Cleaning Services Award

[MA000002] Clerks – Private Sector Award

[MA000083] Commercial Sales Award

[MA000023] Contract Call Centres Award

[MA000075] Educational Services (Post-Secondary Education) Award

[MA000077] Education Services (Teachers) Award

[MA000025] Electrical, Electronic and Communications Contracting Award

[MA000003] Fast Food Industry Award

[MA000073] Food, Beverage and Tobacco Manufacturing Award

[MA000101] Gardening and Landscaping Services Award

[MA000027] Health Professionals and Support Services Award

[MA000008] Horse and Greyhound Training Award

[MA000028] Horticulture Award

[MA000010] Manufacturing & Associated Industries & Occupations Award

[MA000059] Meat Industry Award

[MA000104] Miscellaneous Award

[MA000034] Nurses Award

[MA000063] Passenger Vehicle Transportation Award

[MA000012] Pharmacy Industry Award

[MA000051] Port Authorities Award

[MA000074] Poultry Processing Award

[MA000065] Professional Employees Award

[MA000015] Rail Industry Award

[MA000038] Road Transport and Distribution Award

[MA000016] Security Services Industry Award

[MA000100] Social, Community, Home Care & Disability Services Ind. Award

[MA000084] Storage Services and Wholesale Award

[MA000103] Supported Employment Services Award

[MA000041] Telecommunications Services Award

[MA000043] Waste Management Award


September 1st 2021

[MA000004] General Retail Industry Award


November 1st 2021

[MA000049] Airport Employees Award

[MA000092] Alpine Resorts Award

[MA000080] Amusement, Events & Recreation Award

[MA000096] Dry Cleaning and Laundry Industry Award

[MA000094] Fitness Industry Award

[MA000005] Hair and Beauty Industry Award

[MA000009] Hospitality Industry (General) Award

[MA000081] Live Performance Award

[MA000033] Nursery Award

[MA000013] Racing Clubs Events Award

[MA000058] Registered & Licensed Clubs Award

[MA000119] Restaurant Industry Award

[MA000082] Sporting Organisations Award

[MA000102] Travelling Shows Award

[MA000090] Wine Industry Award


Need support in checking award rates?


There are resources available to support employers in meeting their obligations for the national minimum page and award minimum wage. You can access the following to support you in updating your employees' wages accurately:


Using the Fair Work online pay calculator

The Fair Work online pay calculator has been updated to reflect these new minimum wages, allowing employers to find the direct pay rates quickly and easily for their employees. The Fair Work calculator is free to use and easily accessible online.


Hire a qualified accountant to support you in changing over wages

If you need additional support for a professional to decipher your award category or update wages correctly, a professional accountant can help. Our team at 360 Accounting Services can provide the help you need to update the national minimum wage in Melbourne. Get in touch today to find out more.


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By 360Accounting Services • December 9, 2025
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By 360Accounting Services • December 2, 2025
In today's fast-paced digital world, managing your finances effectively is more crucial than ever. For businesses leveraging digital technology, streamlined bookkeeping is not just a good practice—it's essential for sustained growth and success. Here are some top bookkeeping tips tailored for the digital age. Embrace Cloud-Based Accounting Software One of the most significant advancements in bookkeeping is the rise of cloud-based accounting software. Platforms like Xero, QuickBooks Online, and MYOB offer numerous benefits: ● Accessibility: Access your financial data anytime, anywhere, from any device with an internet connection. This is perfect for remote teams or business owners on the go. ● Real-time Updates: Get a live view of your financial health, allowing for quick and informed decision-making. ● Automation: Automate routine tasks such as invoicing, expense tracking, and bank reconciliations, saving you time and reducing errors. ● Integration: Seamlessly integrate with other digital tools you use, such as CRM systems, e-commerce platforms, and payment gateways. Digitise and Automate Expense Tracking Say goodbye to shoeboxes full of receipts. Digital tools make expense tracking effortless: ● Receipt Scanning Apps: Use apps like Receipt Bank or Expensify to capture receipt images on the go. These apps can extract key information and categorise expenses automatically. ● Direct Bank Feeds: Link your business bank accounts and credit cards to your accounting software to automatically import transactions. This reduces manual data entry and ensures accuracy. ● Categorise Consistently: Establish clear expense categories and apply them consistently to gain accurate insights into your spending patterns. Regular Bank Reconciliations Even with automation, regular bank reconciliations are vital. This process involves comparing your accounting records with your bank statements to ensure everything matches up. ● Catch Errors Early: Identify discrepancies or errors promptly, preventing them from escalating into larger issues. ● Prevent Fraud: Regular checks can help detect unauthorised transactions. ● Maintain Accuracy: Ensure your financial statements are accurate and reliable for tax purposes and financial reporting. Utilise Digital Invoicing and Payment Systems Streamline your accounts receivable with digital solutions: ● Electronic Invoicing: Send professional invoices directly from your accounting software via email. This is faster and more eco-friendly than traditional paper invoices. ● Online Payment Gateways: Offer clients various online payment options (e.g., credit card, PayPal, Stripe) to facilitate quicker payments and improve cash flow. ● Automated Reminders: Set up automated reminders for overdue invoices to reduce the time spent chasing payments. Implement Strong Cybersecurity Measures With all your financial data stored digitally, cybersecurity is paramount: ● Strong Passwords and Two-Factor Authentication (2FA): Protect your accounting software and other financial platforms with robust security measures. ● Regular Backups: Ensure your data is regularly backed up to prevent loss in case of a system failure or cyberattack. ● Educate Your Team: Train your employees on best practices for data security and how to recognise phishing attempts. Seek Professional Advice While digital tools empower you to handle much of your bookkeeping, there are times when professional guidance is invaluable. ● Tax Planning: A qualified accountant can help you navigate complex tax laws and optimise your tax strategy. ● Financial Analysis: Gain deeper insights into your financial performance and identify areas for improvement. ● Compliance: Ensure your business remains compliant with all relevant financial regulations. By integrating these bookkeeping tips into your digital technology framework, you'll not only save time and reduce stress but also gain a clearer, more accurate picture of your business's financial health, paving the way for sustained success. For more information or assistance, feel free to contact us at 360 Accountinsg Services via email at enquiries@360accountingservices.com.au

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As a small business owner, managing your finances can be a complex task. While effective bookkeeping is essential for day-to-day operations, there are specific situations where seeking professional financial advice can provide significant benefits and help ensure your long-term success. Key Indicators It's Time to Consult an Advisor It's important to recognise when your financial situation warrants more than just accurate record-keeping. Here are some common scenarios that suggest it's time to reach out to a professional financial advisor: ● Significant Business Growth: When your business experiences rapid growth, your financial structure often needs to evolve to keep up. An advisor can help you navigate increased revenue, new investments, and scaling operations. ● Complex Tax Situations: If your business has diversified income streams, international operations, or other complex tax implications, a financial advisor specializing in tax planning can help you optimize your tax strategy and ensure compliance. ● Major Business Decisions: Contemplating a significant investment, expansion, acquisition, or sale of your business? These decisions have profound financial implications, and professional advice can help you assess risks and opportunities. ● Cash Flow Challenges: While bookkeeping tracks cash flow, an advisor can help identify underlying issues causing consistent cash flow problems and develop strategies to improve liquidity. ● Personal and Business Financial Blending: Small business owners often find their personal and business finances intertwined. An advisor can help separate these and create clear strategies for both. ● Retirement or Succession Planning: Planning for your eventual exit from the business, whether through retirement or selling, requires strategic financial foresight. An advisor can help create a robust succession plan. ● Unexpected Financial Changes: Market downturns, sudden operational changes, or unforeseen expenses can create financial uncertainty. A professional can help you navigate these challenges and adapt your financial strategy. ● Lack of Financial Knowledge: If you find yourself consistently unsure about financial terminology, investment strategies, or long-term financial planning, it's a clear sign that professional guidance would be beneficial. What a Financial Advisor Can Offer A financial advisor offers a range of services that go beyond the scope of traditional bookkeeping: ● Strategic Planning: Developing long-term financial goals and creating a roadmap to achieve them. ● Investment Guidance: Advising on suitable investment opportunities for your business's growth and stability. ● Risk Management: Identifying and mitigating financial risks that could impact your business. ● Tax Optimisation: Crafting strategies to minimize tax liabilities legally and effectively. ● Succession Planning: Preparing for the smooth transition of business ownership. ● Budgeting and Forecasting: Assisting with more advanced financial projections and budget development. Next Steps If you identify with any of the scenarios above, don't hesitate to seek professional financial advice. A consultation with a qualified advisor can provide clarity, peace of mind, and a stronger financial foundation for your business. For a personalised consultation, contact us at enquiries@360accountingservices.com.au
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By 360Accounting Services • December 9, 2025
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By 360Accounting Services • November 26, 2025
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