Mandatory Data Breach Reporting

Do you keep a database of personal information of your clients?

If so, the new Mandatory Data Breach Reporting rules may apply to you.  These new rules became effective on 22 February 2018.

What does this mean?

Entities who are covered by the Privacy Act 1988 will now need to report details of any breaches to their data security that are likely to result in serious harm to any individuals whose personal information is involved in the breach.

 

Organisations that are covered by the new rules include businesses and not-for-profit organisations with a turnover of $3 million or more as well as all businesses and organisations with lower turnovers which are operating in key areas such as credit reporting bodies and health service providers.

 

Businesses which fit the above criteria are advised to review their data security and to have a plan in place to cover the steps to be taken should a data breach be discovered.

 

It’s easy to think that data breaches will only happen to big organisations whose computer systems are hacked, but they can occur to any organisation at any time.

 

Some examples of data breaches are when mail containing client personal information is posted to an incorrect address or when a USB containing client information is lost or stolen.  Laptop theft is very common too.   So it is a good idea to review your business security systems, including passwords, to minimise the risk.

 

More information:

More information, including the Form to advise of a Notifiable Data Breach, can be found on the Australian Government website here or on the Australian Government Business website here

Single Touch Payroll – what you need to do

From 1 July 2018, if you have 20 or more employees, you’ll need to use Single Touch Payroll-enabled software to report your tax and super information to us.

This means that you need to do a headcount of the number of employees on 1 April 2018, if it is 20 or more employees then you are required to use Single Touch Payroll from 1 July 2018.

More information can be found on our article published earlier .

If you require assistance please get in touch with us!

$20,000 Instant Asset Write Off Extension

Just a reminder…

The small business asset write off threshold of $20,000 will continue until the 30th of June 2018. This applies to small businesses with a turnover threshold of less than $10 million in the 2017 financial year.

To refresh your memory, the small business instant asset write off applies to small businesses that purchase assets costing less than $20,000.

Under this concession, business owners can deduct 100% of the asset in the financial year they are purchased, rather than having to depreciate the asset over its useful life which could be 10 years for example. .

Eligibility

The asset is to ready to use in the financial year you make your claim. This means the asset needs to be fully installed.

You must be a small business with a turnover under $10 million

Things will change 1 July 2018…..

On the 1st of July 2018 the ATO will be reducing the threshold from $20,000 to $1,000, so now is the time to consider whether you can take advantage of this opportunity.

If you are considering purchasing business assets, give us a call first.  We can help make sure you are getting the best deductions for your business.

 

Contact Us

Attention employers – Single Touch Payroll is coming!

The ATO is introducing a new system – Single Touch Payroll – to help employers report their employee payment information more easily and efficiently.

What is Single Touch Payroll?

Single Touch Payroll is a new system for employers to conveniently report their employee wages, withholding and superannuation information at the time when they prepare payroll on their accounting or payroll software.

What does it mean to you?

Read More

Completing TFN Declarations made easier

Employers are required to complete a TFN Declaration for all new employees. Once completed the form should be sent to the ATO within 14 days of the employee’s start date.

 

The ATO have developed a fillable TFN declaration form which is available at http://www.ato.gov.au/TFNdec

 

Rather than calling the ATO to order the form and wait for it to be mailed to you, you can now simply download it.  Even your new employee can download the form, fill it in on the screen and then send it to you to complete.  Once complete, print it out, have it signed, and send the original copy to the ATO using the address on the form.

 

The TFN Declaration can be filed through Xero without the need to mail it to the ATO, if you are using Xero to run your payroll.

 

Remember to keep a copy for your files.

 

Contact us if you need help