Important changes for businesses from 1 July 2017

If you run a business in Australia, from 1 July 2017 there are changes that may affect you and your employees.

Changes to penalty rates

A reduction to Sunday and public holiday penalty rates in the retail, hospitality, fast food and pharmacy sector will commence from 1 July 2017. The changes may affect both permanent and casual employees.

Go to the Fair Work Ombudsman website for a full breakdown on the changes and what it means for you and your employees

GST will apply to imported services and digital products

From 1 July, goods and services tax (GST) will apply to imported services and digital products sold to Australian consumers. This includes:

  • digital products such as streaming or downloading of movies, music, apps, games and e-books
  • imported services, such as architectural and legal services.

Head to the Australian Taxation Office (ATO) website for more information about the International taxation of goods and services supplied to Australia.

Simpler Business Activity Statements (BAS)

If you’re a small businesses with an annual GST turnover of less than $10 million, you’ll be moved to Simpler BAS reporting from 1 July 2017.

With Simpler BAS reporting, you will have less GST information to report on. The only GST information required will be:

  • G1 total sales
  • 1A GST on sales
  • 1B GST on purchases.

Check out the ATO’s website for more information on the Simpler BAS. They also have a great short video to help you understand your new obligations

 

Article source: business.gov.au