Business.gov.au have published an article providing details on law changes coming into effect this year that will affect businesses.
The law changes that the article focuses on include but are not limited to: single touch payroll, changes to gift card expiry dates and fees, updates to the National Privacy Act, and changes to casual and part-time entitlements in some Awards.
Single touch payroll is being introduced by the ATO from 1 July. The article states that if a business employs more than 20 employees, they will need to report to the ATO every time they are paid. The information businesses need to provide to the ATO are: salaries and wages, allowances, deductions, PAYG withholding, superannuation and other payments. This essentially means that the ATO are getting this information on a more regular basis rather than at the end of the financial year via payment summaries.
On 31 March, changes to gift card expiry dates and fees for NSW came into effect. The article states that gift cards now have a three year expiry date and NSW businesses that issue gift card or vouchers need to honour the purchase if it’s within that period. Businesses issuing gift cards or vouchers prior to the 31 March are not affected by these changes.
From 22 February, businesses with an annual turnover of over $3 million are required to comply with the Notifiable Data Breaches scheme under the Privacy Act.
In regards to changes to changes to casual and part-time entitlements in some Awards, from 1 January, changes made by the Fair Work Ombudsman to some awards rates and minimum shift entitlements for casual and part-time employees came into effect.
Business.gov.au’s article can be read in full here.
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