What Actually Changed on 1 July and What It Means for Your Business

Julianna, founder of Horizon Accounts, introduces a new series on building a strong financial year and explains key changes from 1 July. Superannuation must now be paid on payday each pay run (Payday Super). The national minimum wage rose by 6% and modern award minimum wages by 4.75%, employers should check their specific award rates rather than assume they match the national increase. She stresses the cash flow impact of payday super, the need to review pricing as wages rise and the importance of correct GST coding, offering a free GST savings checklist and a four-step to-do list to complete before the end of September.00:00 Series Kickoff00:25 Payday Super Rules01:10 Clearing House Closure01:39 Minimum Wage Updates02:36 Cash Flow Impacts03:18 GST Coding Checks04:08 September Action Plan05:31 Yearly Rule Shifts06:15 Wrap Up Next EpisodeIf you are listening to this podcast, chances are you are already on your way to exploring your numbers with a desire to understand and master your business finances, realising the transformative power that numbers hold for your business success.The EOFY Checklist will be available - if not there yet already - on our website under Resources.We have a new FREE resource, the GST Saving Checklist, that you can download from here. A simple, practical checklist that walks you through the exact areas to review in your Xero or other accounting file - so you can spot where you may be paying too much GST or missing out on credits you're entitled to claim.Complete our FREE ‘Business Health Check’ form to give you insights into where you’re strong or weak in your business, where there are opportunities to improve, how your business is performing in terms of profitability, cash and time.Where to find us:Available on all major podcast platforms: Apple Podcasts, Spotify, Youtube and Amazon.Subscribe on your favourite podcast app to stay in the loop with every insightful episode.If you’d like to find out more about Julianna and her business, visit www.horizonaccounts.com.au or follow her on LinkedIn and Instagram @horizonaccounts or book a free 30 minute Business Diagnostic Review Call.Prosperity on the Horizon is on Youtube as well, where you can find useful shorts and other resources as well.Stay tuned for the next episode of Prosperity on the Horizon, the podcast that transforms businesses through the power of numbers and the story behind them.