What’s new for businesses from 1 January 2016
Welcome to 2016!
To help your business start 2016 off on the right foot, we’ve put together a list of changes for business that came into effect from 1 January 2016.
Changes to postage costs and services
From 4 January 2016, Australia Post changed their postage prices and services. Now:
1. Regular postage has increased from 70c to $1 per stamp (if you have a concession account, stamps are just 60c).
2. A priority delivery service is now available to all customers. You can purchase a priority label for an additional 50c on top of a regular stamp to have your mail delivered up to two business days faster than regular mail.
Visit the Australia Post website to find out more about the changes to postage costs and new services offered .
Drop in electricity rates for the Northern Territory
If your business is in the Northern Territory, electricity prices have dropped by five percent from 1 January 2016.
For more information about latest electricity tariffs and charges visit NT Utilities Commission website.
Changes to income threshold from PAYG monthly instalments
Some businesses must now report and make Pay As You Go (PAYG) payments monthly. This will affect you if your business is:
1.a company, or other corporate tax entity, with an assessable income of $20 million or more
2.an entity with an assessable income of $1 billion or more.
For more information about changes to PAYG assessable income threshold for compulsory monthly instalments , visit the Australian Taxation Office’s website.
Changes to customs broker, depot and warehouse licence charges
From 1 January 2016, there will be changes to the charges associated with the application and renewal of licences for:
The changes include:
1. introduction of a licence application charge for customs broker and warehouse licences
2. reduction in warehouse licence grant charges
3. introduction of a variation charge for warehouse licences
4. amendments to granting and renewal charges for customs broker licences.
Further information about the changes to licence charges is available on the Department of Immigration and Border Protection’s website.
Cuts to tariffs under free trade agreements – China and Korea
On December 20, 2015 further tariff cuts were announced under the China-Australia Free Trade Agreement (ChAFTA) and Korea-Australia Free Trade Agreement (KAFTA).
Head to ChAFTA and KAFTA on the Department of Foreign Affairs and Trade website to check how changes in tariff affect existing or potential exporters, and for more detailed information on each agreement.