Law changes that might affect your business

Because of the upcoming federal election, various policies are being implemented by both parties. Here are some law changes to consider. Find out if any of these changes can affect your business.

  1. The national minimum wage has increased by 3.5% on 1 July 2018. The new national minimum wage is $719.20 per week for a 38-hour week. That is $18.93 per hour.
  2. Those who employ 19 employees or less can start reporting through the ATO Single Touch Payroll (STP). These small and micro employers would need to send their employee salaries and wages, allowances, deductions and other payments, superannuation and pay as you go (PAYG) to the ATO.
  3. Those who employ more than 20 employees would need to report to the ATO each time they pay their employees. The same aforementioned information should be sent to the ATO.
  4. Businesses that grow, produce, manufacture, distribute, import or sell food in retail stores in Australia are now required to comply with the new Country of Origin Labelling laws. Food products they sell in Australian supermarkets and retail stores should display the newly required food labels.
  5. Those with over $3 million in annual turnover need to comply with the Notifiable Data Breaches scheme under the Privacy Act 1988. It is classified as a data breach when unauthorised personal information is released or accessed. Businesses are required to notify the individual involved and the Office of Australian Information Commissioner if the breach would likely cause serious harm.
  6. Gift cards and vouchers will now have a three-year expiry date. Businesses are obligated to honour a purchase if it is within the three-year period. However, businesses who have been issuing gift cards and vouchers before 31 March 2018 are not affected by the changes.
  7. The Fair Work Commission has made changes to some award rates and minimum shift entitlements for part-time and casual employees.

As you look for different ways to grow and improve your business, seeking professional advice from a business accountant could prove to be an important and helpful decision.

You can click here to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

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