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	Articles Blog Business Tax Tip – Casual Overtime and the Minimum Requirements for businesses Details Published on Thursday, 02 May 2024 17:26 From Nov 2020 there have been changes to casual overtime and the minimum requirements for business to be aware of. Here are some details to get up to speed. Casual Overtime and the Minimum Requirements As of the first full pay on or after 20th November 2020, the Fair Work Commission made changes to 97 awards regarding overtime pay, minimum work periods, and the transition from casual to permanent employment. These revisions include (as some awards already have) – New entitlements for casual employees, such as the right to receive overtime rates after working more than 38 hours The possibility of being paid for a minimum number of hours even if they work fewer hours than the minimum. Additionally, casual employees can request to switch to full-time or part-time employment under certain conditions, including: Who have been with an employer for over 12 months; Having worked regular hours for the past 12 months without significant changes, and become part-time or full-time; It's important to note that specific award provisions may differ, for example, some awards may allow casual employees to request conversion after only 6 months. The employer must provide casual employees, who have been employed for less than 12 months, with a copy of the new casual conversion clause and a letter template. If a casual employee wishes to be considered for a permanent part-time or full-time position, they must submit a written request. The employer is obligated to respond in writing within 21 days of receiving the request, stating the reason if the request is refused. It is crucial to refer to the modern award to confirm the relevance of these changes, as not all awards have been impacted. Specific details of the amended awards are provided below, but it's important to review the relevant award for comprehensive information, updates, and modifications. How is Overtime for Casuals Calculated? The calculation of overtime pay varies depending on the specific award. In certain awards, the casual loading applies to both normal hours and overtime hours, while in others, the casual loading is applicable only to normal hours and not to overtime. It's important to note that with the recent changes to 97 awards, it is necessary to refer to the Individual Industry Award for the specific calculation and payment of overtime worked by casual employees. Additionally, penalty rates may be applicable if specified in the award. Example: General Retail Award Overtime applies when an employee works: More than 38 hrs per week or average 38 hours per week over a roster cycle; or More than 12 hrs on any day, excess is overtime Award clause for payment of overtime is inclusive of casual loading: *21.2 (c) (i) Hours worked by casual employees:* shall be paid at 175% of the ordinary hourly rate of pay for the first three hours and 225% of the ordinary hourly rate of pay thereafter (inclusive of the casual loading). 21.2 (e) The rate of overtime for casual employees on a Sunday is 225% of the ordinary hourly rate of pay, and on a public holiday is 275% of the ordinary hourly rate of pay (inclusive of the casual loading). Penalty payments 22.1 (b) A casual employee must be paid 145% of the ordinary hourly rate of pay for work performed after 6.00pm – Monday to Friday (1 October 2020 to 28 February 2021) inclusive of the casual loading. A casual employee must be paid 150% of the ordinary hourly rate of pay for work performed after 6.00pm (from 1 March 2021) inclusive of the casual loading. Saturday Work A casual employee must be paid 150% of the ordinary hourly rate of pay for all work performed (inclusive of the casual loading). Sunday work A casual employee must be paid 175% of the ordinary hourly rate of pay for all work performed (inclusive of the casual loading). Public Holiday A casual employee must be paid 250% of the ordinary hourly rate of pay for all work performed (inclusive of the casual loading). Se the Full resource available Fair Work: Casual Overtime and Minimum Requirements *Need help? Not sure? Call for FREE 30min advice / strategy session today!* *Email* *This email address is being protected from spambots. You need JavaScript enabled to view it.* *or call 0407 361 596 Australia* ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Business Financials – 3 levels of Profit Margins Details Published on Friday, 26 April 2024 17:06 There are three different layers of profit margins discussed in financial reports, and they are all found in the Profit & Loss Statement also called Income Statement. This statement details the sales for a specific period, subtracts the cost of goods sold (if you sell products), giving gross profit, and then deducts all general business expenses (overheads) to reveal the operating profit and, ultimately, deducting or adding company taxes plus irregular transactions such as asset such as asset sales or one-off expenses (eg special economic charge) leaves the net profit. In essence, these are the three primary levels of profit or profit margins: Gross profit (after cost of sales deducted from sales/revenue); Operating profit (sometimes given = after expenses deducted) also known as Pretax profit (before tax and other non-regular items); and Net profit (Final profit, after tax and other non-regular expenses and income). Be aware that “profit’, “earnings” and “income” terms are often used interchangeably and refer to the same concept. When discussing margins, it can refer to the actual dollar amount or as a percentage of sales/revenues. The net profit margin is frequently calculated as a percentage (ratio) to gauge a company's profitability over a historical period and compare it to industry benchmarks. *Need help? Not sure? Call for FREE 30min advice / strategy session today!* *Email* *This email address is being protected from spambots. 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