February and March are traditionally the worst cashflow months for small business – the Christmas rush is over, the Business Activity Statement is due, and payments slow down with a dip in consumer spending.
We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of an Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations.
The Fair Work Commission (FWC) has moved to cut Sunday and public holiday penalty rates.
The changes to penalty rates are not yet in force – see When will the changes take effect?
Since 1 July 2010, ASIC has administered the law to deal with unfair terms in standard form consumer contracts for financial products and services. From 12 November 2016, the unfair contract terms law will also cover standard form small business contracts.