The Fair Work Act 2009 is the law that will provide new legislative framework for workplace relations in Australia.
It is replacing the Workplace Relations Act 1996.
From July 1st 2009:

• New unfair dismissal laws will apply.
• A new regulatory body known as “Fair Work Australia” will begin.
• A new enterprise bargaining framework will be introduced.
• There will be new rules effecting union right of entry and business transfers.

From January 1st 2010:

• New National Employment Standards will replace the Minimum Conditions of Employment.
• New systems of Modern Awards are due to commence.

From July 1st, the right to take legal action for unfair dismissal has returned for the staff in businesses with less than 100 employees.
There is an exception for small business owners with less than 15 employees.
But even if you have less than 15 employees, when you terminate an employee, you must comply with the Fair Dismissal Code and complete the checklist.
The checklist includes requirements such as..
                - Award Display
                - Play slips
                - Superannuation
                - Leave records and more
(the complete checklist can be found in MAUS Employee Manual).
It is important to look closely at your induction processes to make sure new employees are getting all the tools and information they need to do their job.
Performance management is critical, Job descriptions, Key Performance Indicators and outcomes expected should be well-defined and understood. Managers should be meeting regularly with staff to manage their performance.
Since the 1st of July, to make an employee genuinely redundant, employers have to be able to prove that the business was unable to re-deploy the worker into any other part of the business.
Companies need to have a good understanding of the skills and capabilities of employees in every part of their business - and this needs to be documented.
It is a matter of collecting data from employees when they join the business and keeping it up to date.

Other checklists regarding Superannuation, Employment Records and Payslips can be found below:
http://www.industrialrelations.nsw.gov.au/pdfs/employers_checklist.pdf