The new financial year not only means getting ready for tax time, it also means being prepared for the various legal changes that will affect smooth sailing for the year ahead.
By now, your business should be aware and have all these changes under control, and if not, be sure to get on top of these changes as soon as possible.
Superannuation
The super guarantee rate has increased from 9.25% to 9.50%. It’s important to note this change to ensure the business is protected from any possible claims of compensation that may arise from over contributing.
The next increase in the super guarantee rate is not due until June 30 2018.
Minimum wage increase
The national minimum wage is now $16.87 an hour or $640 a week.
Casual loading for award-free employees has also increased to 25%.
Redundancy
The tax free threshold that applies to a genuine redundancy payment has increased, which is relevant if you have made or intend to make an employee’s position redundant and will have to pay them a redundancy. The base limit id now $9,514 and the limit per year of service is $4,758.
Privacy Laws
New privacy laws came into effect earlier this year, however they have only really started to impact business snow, with substantial fines being issued to companies who breach the laws.
The laws make it more difficult for businesses to collect information about consumers without their knowledge.
It’s vital as a business owner that you are not only aware but have implemented the above changes required by law. If you are having trouble meeting the business’ requirements or are after advice on any other business issues, speak to our business lawyers at The Quinn Group. We can provide advice and assistance on a range of business legal issues. Submit an online enquiry or call 02 9223 9166 for more information or to arrange an appointment.
