The brand new yr usually heralds the beginning of latest insurance policies, packages, and different adjustments that the federal government intends to implement.
This yr isn’t any totally different, with January 1 heralding important adjustments that small-business homeowners and sole merchants needs to be aware of to make sure continued compliance.
Acceptance of money funds is remitted
Gas and grocery retailers throughout Australia are mandated to just accept money funds in response to the issues of some older Australians concerning the federal government’s push for cashless transactions in recent times.
The mandate applies to in-person transactions of $500 or much less made between 7am and 9pm at most gasoline and grocery retailers. Whereas small companies with mixture annual turnover beneath $10 million are usually not required to adjust to the rule, this doesn’t apply in the event that they share a trademark with a bigger retailer.
Apprenticeship assist funds diminished
Help funds for apprentices finishing packages on the nationwide precedence checklist, together with certificates in incapacity assist and aged care, and incentives for collaborating employers, have been diminished from $5000 to $2500 over the two-year apprenticeship interval.
Nonetheless, the adjustments are partially offset by current will increase in assist funds beneath the Key Apprenticeship Program (KAP), which incorporates apprentices within the clear power and housing and development sectors, who’re eligible for as much as $10,000 in assist over two years.
Privateness coverage audit
The Workplace of the Australian Info Commissioner has additionally launched its first-ever compliance sweep, checking whether or not companies’ privateness insurance policies adjust to the regulation and are correctly applied, with the primary audit focusing on companies that acquire info in particular person, corresponding to actual property brokers who ask for cellphone numbers at open homes.
Companies discovered noncompliant with these insurance policies might face penalties of as much as $66,000.
Payday Tremendous adjustments close to
And eventually, a reminder: From July 1, the Payday Tremendous regulation will take impact, requiring employers to pay superannuation contributions on the identical day as wages. Authorities and enterprise organisations counsel small companies to begin planning for the adjustments and section them in previous to the regulation taking impact to minimise disruption to cashflow.
On the similar time, the federal government has promised to implement “prime up” tax cuts and cut back updates to tax on superannuation earnings
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