Clubs update: Did you know?

General Meeting Notices: Mailing out general meeting notices is a costly exercise for clubs.

However recent changes to the Corporations Act enables clubs to send these notices electronically.

This can be either by email, mobile phone or even advising members that the notice can be found on your club’s website.

Members can still receive this notice hard copy but must notify the club that they wish to receive it in this format. These new rules apply from 1 April 2022.

Upcoming Superannuation Changes:

From 1 July 2022, the following changes to your superannuation obligations will become effective:

• The minimum superannuation guarantee will increase to 10.5% (previously 10.0%).
• The $450 superannuation guarantee threshold will no longer be in place. This means that all employees will be paid superannuation at 10.5% of their ordinary income, regardless of how much they earn.

Please ensure that your payroll software is updated to reflect these changes.

Gaming Machine Licences:

Most recent data provided by Liquor and Gaming NSW shows that the latest gaming machine transfer between clubs resulted in a block of three licences selling for $40,700 or $13,566 per licence. Clubs with cashflow issues should note this if they are considering selling licences or valuing licences if they have going concern issues.

This value is well less than the latest trade for hotels with an average price of $231,000 per gaming licence.

Fairwork Minimum Wage Increase:

Fairwork announced a 5.2% increase to the minimum wages and this will be enforced on Clubs from 1 October 2022 through the Registered and Licenced Clubs Award.