Update on contractor reporting requirements due 21 July

If your business is in the Building and Construction Industry, reporting contractor payments via your annual report to the ATO will be due for the first time on 21 July 2013. Are you ready?

By 21 July 2013 you will need to submit your Contractor Payment Report to the ATO if you hold an Australian business number (ABN), your primary business is in the Building and Construction Industry and you make payments to contractors for their building and construction services.

Ensure you have met your compliance obligations and understand who is and who is not deemed to be a contractor to your business. Should you require advice or clarification of any aspect of your obligations, contact a lawyer to seek assistance.

Fair Work Commission orders minimum wage increase

On Monday, 3 June 2013, the Fair Work Commission decided to raise the minimum weekly wage of low paid workers $15.80 a week. From 1 July 2013, the new national minimum wage will be $622 a week, up from the current minimum of $606 a week. Employers need to be aware that they now have less than a month to ensure they are compliant with the new minimum wage.