In the 2018 year, there are some changes happening to the laws that affect businesses- are you ready and do they affect you?
Single Touch Payroll
On the 1 April 2018- a head count had to be completed to determine if you where affected and needed to be complaint for the new Single Touch Payroll (STP) coming into affect on the 1 July 2018. If your head count on the 1 April 2018 was 20 or more employees, you will need to report to the Australian Taxation Office (ATO) each time you pay your employees. The information that is sent through to the ATO will include your employee’s salaries or wages, allowances, deductions such as union fees and other payments, pay as you go (PAYG) withholding and superannuation.
If your head count was 19 employees or less, the STP will be 1 July 2019, subject to legislation passing in Parliament. You can choose to report before this date if your software is ready.
Head over to the ATO’s website to get ready for the Single Touch Payroll.
Changes to casual and part-time entitlements
On the 12 December 2017, the Fair Work Commission applied some changes to awards rates and minimum shift entitlements for casual and part-time employees which came into effect from the 1 January 2018. This means that business owners that are affected need to be paying their staff affected the updated award from the first full pay period after 1 January 2018.
Learn more about the changes to casual and part-time entitlements award rates.
Update to National Privacy Act- Data Breaches
From 22 February 2018, business with an annual turnover of more than $3 million are required to comply with the Notifiable Data Breaches Scheme under the Privacy Act 1988. A data breach occurs when unauthorised personal information has been accessed or released. If the breach is likely to cause serious harm to an individual, the business is obligated to notify both the individual/s involved and the Office of Australian Information Commissioner (OAIC)
Country of Origin- food labelling
From 1 July 2018, if your business grows, produces, manufactures, distributes, imports or sells food in retail stores in Australia, you will need to comply with the new Country of Origin Labelling laws. This means food products sold in Australian supermarkets or retail outlets must display the new food labels
Gift card expiry dates and fees for NSW
From 31 March 2018, gift cards and gift vouchers purchased in NSW will have a three year expiry date. NSW businesses that issue gift cards or gift vouchers will need to honour the purchase if it’s within that period. Businesses issuing gift cards or gift vouchers prior to this date are not affected by the changes.