1 July 2019 changes effecting small business
The ASBFEO has outlined impacts to small businesses in the 19/20 financial year.
The 1 July 2019 changes include:
The increase to the minimum wage of 3%. The impact of the change will depend what award your employees are engaged on so visit Fair Work Australia for more information.
The reduction in Sunday penalty rates in 4 award classifications. The effected wards hospitality, pharmacy, fast food and retail. Sunday penalties for full-time and part-time employees will reduce down to 150% some taking effect this year, and some taking effect next year.
Single Touch Payroll needs to be implemented from 1 July as per the new legislation for all businesses that have employees. Businesses need to implement the new system by September however if this isn’t possible due to your current capacity, you can apply to have an extension. Whilst Single Touch Payroll may be another thing your business needs to consider this tax time, moving forward it will cutdown the paperwork you need to do for each of your employees.
The new ABA (Australian Banking Association) code of practice comes in into effect on July 1, 2019. Take the time to read what the new code means for you and your small business. There are new requirements that outline how a bank supports your business in the processes relating to banking.
The Ombudsman was optimistic at the conclusion of her message and wanted to encourage all small businesses to,
“look forward to a prosperous new financial year.”