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Industry

November 7, 2018

Law changes for business in 2018

Stay up-to-date with law changes that might affect your business…

Single Touch Payroll – Small and micro employers

If you employ 19 or less employees, you can choose start reporting through the Australian Taxation Office (ATO) Single Touch Payroll (STP) . The information you need send to the ATO includes your employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, pay as you go (PAYG) withholding and superannuation.

Head to the ATO website to learn more about the Single Touch Payroll and watch the recording of the Single Touch Payroll webcast to learn from a panel of experts, the benefits of reporting through Single Touch Payroll and what you need to do to transition.

National minimum wages increase

From 1 July 2018, the national minimum wage will increase in Australia on 1 July 2018 by 3.5%

The new national minimum wage is $719.20 per week, for a 38-hour week, or $18.93 per hour.

The increase applies from the first full pay period starting on or after 1 July 2018, for employees on the national minimum wage or a modern award.

Head to the Fair Work Ombudsman website to learn more about the increase to the national minimum wage.

Single Touch Payroll

From 1 July 2018, the Australian Taxation Office (ATO) will introduce the Single Touch Payroll (STP). If you employ 20 or more employees, you will need to report to the ATO each time you pay your employees. The information you need send to the ATO includes your employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, pay as you go (PAYG) withholding and superannuation.

Head to the ATO website to get ready for the Single Touch Payroll.

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.

Head to the food labelling requirements to find out more.

Changes to 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.

Read more about the changes to gift cards and gift vouchers.

Updates to the National Privacy Act – Data Breach Changes

From 22 February 2018, businesses 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 is accessed or released. If the breach is likely to cause serious harm to an individual, businesses are obligated to notify both the individual involved, and the Office of Australian Information Commissioner (OAIC).

Read more about the Notifiable Data Breaches scheme.

Changes to casual & part-time entitlements in some awards

From 1 January 2018, the Fair Work Commission made changes to some award rates and minimum shift entitlements for casual and part-time employees come into effect. This means business owners need to pay staff affected the updated award from the first full pay period after 1 January 2018.

man and woman working at a cafe filling out paper work

Learn more about the changes to the casual & part-time entitlements award rates.


Original article: https://www.business.gov.au/news/law-changes-for-business-in-2018





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