The Australian Financial Complaints Authority have appointed Geoff Browne as a Lead Ombudsman - Small Business. AFCA has recognised the implications for small business not resolving disputes fairly with their financial services provider. This has been evidenced by the findings released recently in the Hayne Royal Commission.
NSW Business Chamber now offers a FREE energy bill comparison and switching service. They are proud to say they have identified $1,800 on average in potential estimated savings per annum for businesses. They have been advocating for a change and a fair-go for a long time now. This is the first of numerous initiatives they are undertaking to help businesses reduce energy costs.
The Black Economy Taskforce and the Australian Taxation Office are starting their focus on businesses who may be participants in the cash economy. The ATO are sending field officers to Camden. These visits are for businesses to understand possible illegal practices and learn their reporting compliance obligations.
Single Touch Payroll (STP) changes how employers report their staff's tax and superannuation payments to the ATO. Using appropriate software, employers must report payroll details to the ATO as the payments occur rather than at the end of financial year. Employers with over twenty staff had to commence STP on 1 July 2018. Employers with under twenty staff are to commence STP on 1 July 2019 as final legislation has passed through parliament. Apply online for a deferral if you're not ready.
Disputes with other business or government departments can take an enormous toll on you, your business, and staff. If you find yourself in this position, don't forget about the Australian Small Business and Family Enterprise Ombudsman. Their Assistance Team respond to requests for assistance in these circumstances. They can provide information on resolving the dispute and facilitate discussions between parties to the dispute. They may also refer you to formal dispute resolution services or other Commonwealth departments.
The ATO frequently makes announcements on policy and tax changes affecting small businesses. These changes encompass primary producer concessions, simplified depreciation rules, company tax rate changes, and small business concessions and tax offsets. Keeping up with these changes is vital when making important management decisions on day-to-day basis. If you don't understand some of the tax information, be sure to get in touch with your accountant or tax advisor; they love this stuff!
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