Small Biz Buzz: Migrants less welcome; Gift card reforms

Here's what's making headlines in the small business world this week.

Migrants 'less welcome'

A new report suggests Australia is becoming less welcoming to new migrants.

That's despite high rates of innovation and ambition among those who have recently moved to Australia, with around a third of small business owners having been born overseas.

Migrant small business owners who previously ran a business in their country of origin are also more likely to struggle with navigating legal and bureaucratic obstacles.

Regardless, over a third of migrant business owners believe their cultural background has helped them succeed.

CGU's Migrant Small Business Report found 83 per cent of people started their first business after moving to Australia.

ATO's Single Touch Payroll deadline

Time is running out for medium businesses to convert to the ATO's new single touch payroll system.

Businesses need to check their payroll on 1st April 2018.

If they have 20 or more employees at that date they will need to report their employee's tax and super information through payroll software that is STP ready from 1 July 2018. 

Employers with fewer than 20 staff have one year to update their software, with all businesses reporting through STP from 1 July 2019.

Visit the ATO website for more information or click here to download the Get Ready checklist.

Fair Trading gift card reforms

From 31st March 2018, all NSW retailers are required to honour gift cards for at least three years.

The gift card reforms are expected to return 60-million dollars a year to NSW shoppers. Businesses will also be banned from applying post-purchase administration fees.

Non-compliance could attract penalties of up to $5,500. 

Want to find out the secret to small business success? Tune into #BizSecretsSBS at Sundays 7am & 5pm on SBS, stream on SBS On Demand, or follow us on Facebook, Twitter or Instagram.