30 November, 2023
5 mins read
Blog / Small Business / 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.
Even though the changes might seem far away, small businesses can prepare by following these suggested approaches:
Assess Current Practices:
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:
Disclaimer: This article provides general information and is not intended as legal or financial advice. Readers are advised to consult with professionals for guidance specific to their circumstances.
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