InFocus July 2021 - Volume 30 Issue 5
- Fee Indexation - New fees now apply
- Start preparing your financial reports now!
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Scammers taking advantage of COVID-19 to target small businesses
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Small Business Financial Counselling – Small Business Debt Helpline
Fee Indexation - New fees apply
As of Thursday 1 July 2021, you will notice some ASIC fees have changed. This is based on the 1.1% increase in the Consumer Price Index (CPI) announced for the March quarter.
For a list of our current fees, visit Fees for commonly lodged documents.
For more information about fee indexation, visit our website.
Start preparing your financial reports now!
Financial reports are due in September and October (depending on your entity type) so now is the best time to get your documents ready.
Public companies, registered schemes, 'large' proprietary companies, Australian Financial Services licensees, and some foreign companies all need to lodge financial reports with us.
Financial reports must be lodged online.
Companies and schemes
Companies and schemes can lodge their financial reports online using the Form 388 Copy of financial statements and reports.
You will also need to include supporting documentation, including:
- an income statement
- a statement of financial position at the end of the year, and
- a statement of cash flow
AFS licensees
AFS licensees need to provide their financial reports by lodging copies of:
- Form FS70 Australian financial services licensee profit and loss statement and balance sheet, and
- Form FS71 Auditor’s Report for AFS Licensee
When the report needs to be lodged may depend on who holds the licence.
For more information about financial reporting and your requirements, visit our website.
Scammers taking advantage of COVID-19 to target small businesses
Scammers are using the COVID-19 pandemic to target Australian small businesses with a range of scams including phishing, vaccine supply and email compromise scams.
Protect your business by using best practice and know the common small business scam tactics to look out for them. For more information please see more here.
Changes to casual employment
There have been changes to workplace rights and obligations for casual employees. The Fair Work Ombudsman can help you understand these changes.
These changes took effect from 27 March 2021, and include a:
- Casual Employment Information Statement,
- definition of casual employment, and
- pathway for casual employees to move to full-time or part-time (permanent) employment in some circumstances.
For more information about these changes, please visit www.fairwork.gov.au/reforms.
The Fair Work Ombudsman has information about your workplace rights and responsibilities on their website or you can call 13 13 94 (or 131 450 for the Translating and Interpreting Service). You can also contact them by registering for a My account.
Small Business Financial Counselling – Small Business Debt Helpline
The Small Business Debt Helpline is a free service for small business owners in financial difficulty.
They have a team of qualified financial counsellors who will listen and give you practical advice to help you get back on track.
For more information please call 1800 413 828 or visit their website.
Annual wage increases
Following the Annual Wage Review 2021, the Fair Work Commission announced a 2.5% increase to the national minimum wage and all award wages. The increase to award wages is happening in 3 stages.
The increase to the national minimum wage and most award wages started on 1 July 2021.
The new national minimum wage for employees who are 21 years or over is $20.33 per hour or $25.41 for casual employees. You can find the new award rates in the Fair Work Ombudsman's Pay Calculator and Pay guides.
The increase for the Retail Award will apply from 1 September 2021 and 21 other award increases will apply from 1 November 2021.
Subscribe to Fair Work Ombudsman's email updates and keep up to date with important workplace information.