The summer holiday season is now over as the calendar already ticks over into February and it’s a good time to check that your small business meets all new rules and regulations that came into effect at the start of this year.
Inside Small Business magazine has outlined a number of changes to regulations that business owners should make themselves familiar with.
Apprenticeship support payments reduced
Support payments for apprentices completing programs on the national priority list, including certificates in disability support and aged care, and incentives for participating employers, have been reduced from $5000 to $2500 over the two-year apprenticeship period.
However, the changes are partially offset by existing increases in support payments under the Key Apprenticeship Program (KAP), which includes some apprentices in the automotive sector, who are eligible for up to $10,000 in support over two years.
Privacy policy audit
The Office of the Australian Information Commissioner has also launched its first-ever compliance sweep, checking whether businesses’ privacy policies comply with the law and are properly implemented, with the first audit targeting businesses that collect information in person, such as those who ask customers for their phone numbers and addresses. Businesses found noncompliant with how they store this information could face penalties of up to $66,000.
Payday Super changes near
From July 1, the Payday Super law will take effect, requiring employers to pay superannuation contributions on the same day as wages. Government and business organisations suggest small businesses start planning for the changes and phase them in prior to the law taking effect to minimise disruption to cashflow.