| 02 9982 2466

Federal Government passes Fair Work Amendment Bill

The Federal Government has finally passed the Fair Work Amendment bill, which includes both minor and major changes to industrial relations law.

Some of the key changes:

– Unfair Dismissal. The big issue for small businesses is that the new legislation has extended the unfair dismissal application to 21 days.

– Fair Work now has more power to strike down applications for award rate changes that have no reasonable prospects for success.

– There are some major changes to the role of unions, with Fair Work ruling that bargaining notices have to be more specific and that union officials can no longer be a bargaining representative for employees that do not belong to that union.

-There are also a few key changes to enterprise agreements, with clauses that allow employees to ‘opt out’ now prohibited. As well the act now bans anyone from making an enterprise agreement with just one employee.

Posted on 30 November '12 by , under General News.

Leave a Comment

You must be logged in to post a comment.

Join Our Mailing List!

Subscribe to our mailing list to receive all the latest financial newsletter updates as well as information on important dates on our business calendar.

Recent Updates

Firm News

What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

Business Calender