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It’s official. The end of financial year has arrived and while small businesses are busy getting their tax affairs in order, they should also take note of the legal changes set to occur at the start of the new fiscal year.
From a cut to the small and medium business tax rate and increase in the national minimum wage, there are a range of legislative updates affecting small businesses that kick in today, on July 1.
Here’s a quick guide to key legal changes your business needs to know about in 2021-2022.
Increase to minimum wage
The national minimum wage will increase by 2.5%
ABOUT THE AUTHOR
Lois Maskiell is a former journalist at SmartCompany, passionate about business and startups. Lois has a master's in journalism from Monash University.
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