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August 4, 2011 - As Australia’s businesses just recently began its new financial year last July 1, a lot of changes have come into effect at the start of a new financial year.
Some of the changes affecting businesses across Australia are as follows:

TSMIT increased

Effective last July 1, the Australian Department of Immigration and Citizenship (DIAC) has increased the required minimum salary thresholds for the 457 visa program.
Temporary Skilled Migration income threshold (TSMIT) is the minimum salary level at which an employee must be paid in order for a Subclass 457 (temporary skilled worker) nomination to be accepted by the DIAC in Australia. Under the new legislation, the TSMIT will rise by 3.9%, from $47,480 to $49,330 per year, for all nominations approved or applied for after the 1 July 2011.

Taxation changes:

• Reduction to Pay As You Go installments for 2011-12.
• Changes to the Fringe Benefit Tax, applying a flat rate to distances travelled in employer-provided vehicles.
• Company tax rate cut from 2012-13.
• Instant write off of all assets costing less than $5 000 from 2012-13.
• Immediate deduction for the first $5 000 of a motor vehicle from 2012-13.
• Increases to minimum wage

Increases to minimum wage

Since July 1, new increases to wages have taken effect. This is part of the annual review Fair Work Australia conducts on wages for employees covered by the national workplace relations system.
The changes include increases to:

• modern award weekly wages by 3.4%
• the national minimum wage for adults to $589.30 per week, or $15.51 per hour
• allowances under applicable modern awards
• minimum rates for juniors, apprentices and trainees

The wage increases must be paid from the first pay period on or after 1 July.

Changes to existing programs or services:

• The continuation of the Small Business Support Line for the next four years.
• Increased funding for the implementation of the National Construction Code.
• Continued support for research and development.
• Cessation of the Green Car Innovation Fund.

Changes to Business Skills visas

the following changes Australian visa requirements for Australian business visas came into effect:

• increased minimum net business and personal assets required for visa Australian subclasses 160, 161, 163, 164The minimum net business and personal assets required for the following sponsored provisional Business Skills visas 163 and 164 have been increased from AUD250 000 to AUD500 000 while for 160 and 161 visas have been increased from AUD500 000 to AUD800 000 both in response to increases in the cost of living and business establishment costs.

• increased business ownership share required for application for Australian visa subclasses 132, 160, 163, 890, 892, 845, 846

Business migrants will now be required to own a substantial or controlling interest in a business to meet visa requirements. The business owners who apply visa to Australia are required to pay the minimum business ownership percentage which has been increased from 10 per cent to:

• 51 per cent where the business turnover is less than AUD400 000
• 30 per cent where the business turnover is AUD400 000 or more or
• 10 per cent where the business is a publicly listed company.

Source:
smh.com.au