Preparing Your Business for 2024 Privacy Act Changes

As the government hints at removing the Privacy Act exemption for small businesses, discussions have sparked about its potential impact on smaller enterprises. The proposed removal of the exemption would affect businesses with an annual turnover of $3 million or less, indicating that small businesses in this financial range may no longer be exempt from the Privacy Act.

The move toward streamlining privacy rules for those handling personal information on behalf of others is considered a positive step in simplifying compliance procedures. However, concerns have been raised about how this might impact small businesses’ operational and financial aspects.

Adapting to new privacy obligations may require additional resources in terms of time and costs, potentially posing challenges for smaller businesses with limited capacities. Monitoring the status of the Privacy Act will help Australians gauge whether the expected benefits align with the actual experiences of businesses in our changing economy.

Localsearch’s State of Small Business Report 2023 reveals that 85% of Small and Medium-sized Businesses (SMBs) in Australia are unaware of the potential changes to the Privacy Act 2024.

Additionally, as the second annual edition of our State of Small Business Report, we can compare findings from 2022 to 2023, shedding light on the challenges faced by SMBs and the innovative survival strategies they’re adopting.

Other key findings from the report include:

• 20% have expanded their online presence in the last year.
• 79% use websites as a key tool in their marketing strategy.
• 56% struggle to find the talent needed for their day-to-day operations.