2018 was a big year for legislative changes that could affect your business.
As the legal environment surrounding business is constantly evolving, it is important that you keep up to date with the relevant changes so that you don’t find yourself in hot water.
Here is a recap on some of the important law changes in 2018 that could affect your business:
1. GST for imported goods that are of low value – If you meet the annual Australian sales turnover threshold of $75,000.00 AND you are selling imported goods for less than $1,000.00, you are now required to charge GST (unless the goods are GST-free goods). You will need to ensure that you have registered for GST.
2. Food labelling – The government has introduced new country of origin labelling laws that are aimed at making customers aware of where their products are grown/produced and packaged. A good change for all of us!
3. Payroll reporting – ‘Single Touch Payroll’ changes the way businesses who employ more than twenty employees report their payrolls to the ATO. Every time an employee is paid, you are required to report this to the ATO. More red tape!
4. Gift card terms and conditions – If your business sells gift cards or vouchers, you should be aware that new laws have come into effect introducing a three-year minimum expiry date on gift vouchers if sold within New South Wales. Be careful!
5. Part-time and casual employment entitlements – New changes allow for overtime rates for casual employees and some part-time employees. There were also a number of changes to awards impacting minimum shift entitlements. You may be underpaying your workers. Don’t get caught out!
When choosing a lawyer to help you to set up a business, buy a business, or to assist you in running a business, it’s important that you get somebody who knows what they’re doing, is experienced, and is also totally up to date.
If you have a business and want to discuss how any of the above changes can affect you, give us a call on 02 9687 9322 and ask for Greg Martin or Jacqueline Wainwright.