New regulations and changes are coming into effect for financial support, insurance, licensing fees, and superannuation. Below are important updates to help you navigate these changes with confidence.
Great news for Clubs looking to give back to the community and bolster their culinary teams. The Australian Apprenticeships Incentive System offers financial assistance to Clubs that take on apprentice chefs and cooks. This program can significantly reduce the costs associated with training new talent. For more details, refer to the Australian Apprenticeships Incentive System Factsheet.
Clubs should be aware of a new data-matching program implemented by the State Insurance Regulatory Authority (SIRA). This program compares wage declarations made for worker compensation insurance against payroll tax declarations. Discrepancies, particularly significant and unexplained ones, could flag your Club for further scrutiny. To avoid potential heavy fines, ensure all wage declarations are accurate.
Clubs and Hotels can expect a significant rise in their annual liquor licence fees for 2024. However, there are options for relief. Clubs facing financial hardship may apply for a fee waiver, and venues that regularly host live music can receive discounts. For a comprehensive breakdown, refer to ClubsNSW circular 24-040.
Starting July 1st, 2024, the compulsory superannuation contribution rate for employees will climb from the current 11% to 11.5%. For budgeting purposes, factor in an additional 0.5% increase scheduled for July 1st, 2025, bringing the final rate to 12%.
Staying informed about these changes is crucial for navigating financial considerations, managing compliance, and improving your Club's operations. However, we understand these updates can be complex to navigate on your own.
At Cutcher & Neale, we're passionate about helping Clubs achieve their financial goals.
We offer a wide range of accounting and financial services specifically tailored to the needs of the Club industry. Get in touch with our expert team today.