Knowledge Base AU

Awards and Employment Agreements

Awards Details

Banking, Finance and Insurance Award 2020 (MA000019)

The article provides guidelines about when to use the different work types and tags that we include as part of the pre-built Banking, Finance, and Insurance Award 2010 [MA000019] package. For further information about the Banking, Finance, and Insurance Award 2010, refer to the Banking, Finance and Insurance Award

Key updates

Select the current financial year tab to see award updates for the 2023/25 financial year. All previous updates before this time you can find in the historical financial years tab.

Current financial year

August 2023

1st

From 1 August, all employees are entitled to 10 days of paid family and domestic violence leave each year. The (Unpaid) Family and Domestic Violence Leave configuration settings under awards have been updated - the leave category is disabled from award leave allowance templates, and the work type is not enabled automatically for all employees. Please ensure that employees no longer use the unpaid leave category or work type.

July 2023

1st

We have updated the award to reflect the Fair Work Commission’s National Minimum Wage increase detailed in the Annual Wage Review 2022-23 decision and includes updates to expense-related allowances. You can find information on the Determinations here and here. These changes come into effect from the first full pay period on or after the 1st July 2023.

Please install these updates after you have finalised your last pay run before the first full pay period beginning on or after the 1st of July 2023. We have also updated the Community Service Leave category to make sure it pays at base rate.

Historical financial years

April 2023

5th

We have updated the pay condition rule sets to reflect a new enhancement which will calculate the higher of annual leave loading or penalties based on the entire leave period, aligning with the Fair Work calculation.

February 2023

We have updated the award ruleset to make sure that the Public Holiday minimum engagement will apply correctly.

January 2023

We have updated the award to reflect changes made as part of the Fair Work Decision regarding Paid Family and Domestic Violence Leave. Further information on what changes we applied to the platform and what you should be aware of you can find within this article. We have created the following new categories:

New Leave Category: Paid Family and Domestic Violence Leave.
New Pay Category: Paid Family and Domestic Violence Leave.
New Work Type: Paid Family and Domestic Violence Leave taken.

We have updated the Leave Allowance Templates to disable the existing unpaid Family and Domestic Violence and we have enabled the new Paid Family and Domestic Violence Leave. We also updated any impacted rule conditions.

As part of Fair Work's ruling, an employee must be paid their full pay rate; this includes their base rate plus any incentive-based payments and bonuses, loadings, monetary allowances, overtime or penalty rates, and any other separately identifiable amount.

July 2022

We have updated the Award to reflect the Fair Work Commission’s National Minimum Wage increase ‌detailed in the Annual Wage Review 2021-22 decision. It also includes updates to expense-related allowances. You can find information on the Determinations here and here.

These changes come into effect from the first full pay period on or after 1st July 2022. Please install these updates after you have finalised your last pay run before the first full pay period beginning on or after 1st July 2022. We have also disabled Unpaid Pandemic Leave as this entitlement has now expired within this award. You can find additional information on the Fairwork website.

December 2021

We have updated the Unpaid Pandemic Leave pay category and it now counts as service for entitlements under awards and the National Employment Standards.

November 2021

We have updated the award in line with the Australian Tax Office (ATO) requirements for Single Touch Payroll (STP) Phase Two reporting. We are not disaggretating the reporting of gross earnings into distinguishable categories. We have also updated the Pay Category payment classifications in line with the ATO specification categories found here.

August 2021

We have made updates to the Unpaid Pandemic Leave allowance Templates so that the balance displays in weeks instead of hours in line with the Fair Work Commission's guidelines.
Once you install the award update, all employees' Unpaid Pandemic leave balances will display in weeks, not hours. It will mean that an employee’s balance may now show as 76 weeks.

July 2021

We have updated the award to reflect the Fair Work Commission’s National Minimum Wage increase of 2.5% detailed in the Annual Wage Review 2020-21 decision. It also includes updates to expense-related allowances. You can find information on the Determinations here and here.

These changes come into effect from the first full pay period on or after 1st July 2021. Please install these updates after you have finalised your last pay run before the first full pay period beginning on or after 1st July 2021.

We have also made updates to the Family and Domestic Violence (FDV) leave category, so that the balance displays in days instead of hours in line with the National Emp loyment Standards. Once you install the update, all employees' FDV leave balances will display in days, not hours. It will mean that an employee’s balance may now show as 38 days.

We have made this update ‌to make sure that any new installs of this award conducted since 1st July now capture the super guarantee increase from 9.5% to 10% for all pay categories. If you have installed this award between 1st July 2021 to 8th July 2021 for the first time, please make sure that you select the No option to the Preserve Custom Pay Categories question. If you were using this award before 1st July 2021, then you do not need to select the No option.

August 2020

We have updated the award to reflect the High Court's decision on the accrual of personal/carer's leave. Which overturns the decision made by the Full Federal Court of Australia, with personal/carer's leave calculated on working days, not hours. You can find information on the decision here.

As such, we have removed the Personal/Carer's (10 days) Leave Allowance Templates and updated associated Employment Agreements. Please note, this update will not remove any of the above from a business that already, had the award installed before 25th August 2020. However, any new award installs from 25th August 2020 will not display personal/carer's (10 days) leave details.

July 2020

We have updated the award, as part of Group One Awards, to reflect the Fair Work Commission’s National Minimum Wage increase of 1.75% detailed in the Annual Wage Review 2019-20 decision. It also includes updates to expense-related allowances. You can find information on the Determinations here and here.

These changes come into effect from the first full pay period on or after 1st July 2020. Please install these updates after you have finalised your last pay run before the first full pay period beginning on or after 1st July 2020.

May 2020

We have updated the award to reflect the changes made as part of Fair Work's Determination around Clause 17 - Annualised Wage Arrangements. We have created a new employment agreement for Annualised Wage employees which you can assign to an employee who you pay under clause 17.

April 2020

We have updated the award to reflect changes made as part of the Fair Work Decision around flexibility during coronavirus. The new schedule allows employees to take up to two weeks of unpaid pandemic leave. We have created a new Unpaid Pandemic Leave Taken pay category, leave category, and Unpaid Pandemic Leave work type.

We have also updated the rule sets h, where necessary, to include/exclude the work type and leave category to some pay conditions. Further, we have updated the the Leave Allowance Templates to make sure this new leave category is enabled and is accessible for employees to take this leave when required.

Further, under this new schedule employees can take up to twice as much annual leave at a proportionally reduced rate if their employer agrees. You will need to manually adjust an employee's pay rate and leave balance to half in each pay run for the period of leave.

February 2020

Due to recent changes to the interpretation of personal/carer's leave accrual under the National Employment Standards, we have updated the setup of the Award. We have created a new Leave Category called Personal/Carer's (10 days) Leave. Also, we have created anew Leave Allowance Templates (LATs) specific to 10 days accrual per year for each state. Lastly, we have updated any rules impacted by Personal/Carer's Leave with the new leave category.

June 2019

We have updated the award to reflect the Fair Work Commission’s National Minimum Wage increase of 3% from its Annual Wage Review 2018-19 decision. It also includes updates to expense-related allowances. You can find information on the Determinations here and here.

These changes come into effect from the first full pay period on or after 1st July 2019. Please install these updates after you have finalised your last pay run before the first full pay period beginning on or after 1st July 2019.

December 2018

The setup of the Payroll Tax Exempt field on the Payroll Settings Pay Categories page replicates the PAYG Exempt field rather than creating a unique identity; when installed on your business settings. We have carried out an audit ‌across the platform and we have resolved the issue with this update.

October 2018

We have updated the award to reflect changes made as part of the Fair Work Decision four-year review of modern awards. The change is a newly created clause 10.3(d) - casual minimum engagement. It now provides for casual employees to be paid for at least two consecutive hours of work on each occasion they are required to attend work. We have reflected the change in the Banking, Finance, and Insurance Award 2010 [MA000019] rule set.

Please note that the change comes into effect on the first full pay period on or after 1st October 2018. It means that you should only install this update once you have completed the last pay period for hours worked during September 2018. You can find the Fair Work Determination here.

August 2018

We have updated the award to reflect changes made as part of the Fair Work Decision four-year review of modern awards. You can find information on the determination here. Family and Domestic Violence leave applies from the first full pay period on or after 1st August 2018. You can find further information on the Fair Work site.

Employees, including part-time and casual employees, are entitled to five days of unpaid family and domestic violence leave each year of their employment. The five days renew every 12 months of their employment, but it will not accumulate if they do not use the full leave balance.

We have created a new Family and Domestic Violence leave category and a new Family and Domestic Violence Leave Taken work type. We have also updated the Leave Allowance Templates and any impacted rule conditions

June 2018

We have updated the award to reflect the Fair Work Commission’s national minimum wage increase of 3.5% from its Annual Wage Review 2017-18 decision. It also includes updates to expense-related allowances.

These changes come into effect from the first full pay period on or after 1st July 2018. Please install these updates after you have finalised your last pay run before the first full pay period beginning on or after 1st July 2018.

We have also created ‌new laundry allowance pay categories and rule conditions to reflect the ATO threshold maximum limits for claiming laundry (not dry cleaning) for deductible clothing under the Award. You can find further information in the Cleaning of Work Clothing section of this ATO article.

We have created a new rule - 10.2(c) Apply Overtime - Over Advanced Standard Hours - Part-Time. The rule reflects the following provisions of clause 10.2(c):

The hours worked each day;
Which days of the week the employee will work;
The actual starting and finishing times of each day.

Previously, we could only assess the number of hours worked per week for overtime purposes. Now, however, we can assess the Advanced Standard Work Hours as set up within the employee's Pay Run Defaults page. The rule only works where you have setup Advanced Standard Work Hours using start and finish times, not hours only. If you have not setup Advanced Standard Work Hours up for a part-time employee, then we wil deem all hours as overtime.

Coverage

The industry award covers employers throughout Australia who are engaged in the banking, finance, and insurance industry. It includes:

Banking.
Lending.
Loaning.
Providing credit.
Investment
Finance.
Superannuation.
All forms of insurance.
Credit unions.
Building societies.
Financial intermediaries.
Trustee creditors and agencies.
Money market dealers.
Credit or charge card institutions.
Wool broking.
Agribusiness.

It also includes services to the above industries such as:

Broking.
Trading.
Debt recovery.
Financial consulting.
Valuation.
Money changing
Data processing.
Transaction accounts.
Telephone enquiries.
Transaction processing.

Installing the pre-built award package

To read details on how to install and configure this Pre-built Award Template, please review the following article. Before relying on the award information, users should carefully evaluate its accuracy, currency, completeness, and relevance for their purposes. You should also obtain appropriate professional advice.

Work types

The following lists out and explains the work types an employee can select on their timesheet.

A - F

Annual leave taken.	Choose this work type when annual leave is taken.
Call back.	Choose this work type where you have gone home for the day and had to be called back to work.
Community service leave taken.	Choose this work type when community service leave is taken.
Compassionate leave taken.

G - L

Hours worked.	Use this work type to represent ordinary hours, unless another work type is more specific.
Hours worked with no meal breaks.	Use this work type to represent ordinary hours where you intentionally did not have a meal break. Automatic meal breaks will not be applied to these shifts.
Kilometres travelled.	Enter the number of units travelled for business purposes. One unit is equivalent to 1 kilometre.
Leave without pay.	Choose this work type when a permanent employee takes leave without pay.
Long-service leave taken.	Choose this work type when long service leave is taken.
Long-service leave taken.	Choose this work type when long service leave is taken.

M - R

Personal/carer’s leave taken.	Choose this work type when personal/carers leave is taken.
Public holiday day off.	Use this work type if you are a permanent employee who had a day off work on a public holiday.
RDO leave taken.	Choose this work type when an accumulated RDO day is taken.

S - Z

Shiftwork changes.	Choose this work type for a shift worked for changing shift rosters, a day worker replacing a shiftworker, etc.
Stand-by.	Choose this work type if you you rostered as stand-by to work.
Time in lieu leave taken.	Choose this work type when an accumulated time in lieu is taken.
Travelling time - working away from the usual workplace.	Use this work type to reflect time spent travelling more than your normal travel requirements.

Further information

Time in Lieu Explanation

Time off instead of payment for overtime leave accrues at the same rate as the number of overtime hours worked. For example, an employee who worked two overtime hours has an entitlement to two hours’ time off. If you do take time off for overtime and the time off you intend, pay it out, you must pay at the overtime rate applicable to the overtime when worked

It also applies when you terminate an employee and you have to pay out the time. To pay it out correctly, you will need to record the overtime rate manually while you are processing the time in lieu accrual. We suggest that you record the overtime details in the Notes section of the leave accrual line in the pay run.

If you are required to pay out the time off for overtime either before termination or during termination, you can run a Pay Run Audit Report. It will show the pay runs for the employee where they accrued Time in Lieu, enabling yout to determine the applicable rates. Next, you can run an Employee Payment History Report to determine if they took any of the time off for overtime. You can then determine the correct balance based on the number of hours by taking the equivalent to the overtime payment that you made.

Permanent afternoon or night shift.	Choose this tag if the employee is a shiftworker who permanently works an afternoon or night shift.
Provides their own vehicle under 1500cc.	Choose this tag if the employee is required to provide a car as part of their job and that car's engine is under 1500cc.
Provides own vehicle over 1500cc.	Choose this tag if the employee is required to provide a car as part of their job and that car's engine is equal to or greater than 1500cc.

RDO.	Choose this tag if the employee should accumulate a daily RDO accrual, based on one day off every four weeks.
Shiftworker.	Choose this tag if you employe the employee primarily as a shiftworker.
Time in lieu of overtime.	Choose this tag if the employee has agreed to receive time in lieu ‌of pay for overtime worked.