“Procrastination is the thief of time” (Edward Young, 18th c. poet)
If your business is one of those (mostly smaller – see below) businesses temporarily exempted from lodging your PAIA manual until 31 December 2015, you will be happy to hear that the pressure is off for another 5 years, and that the turnover thresholds have been increased. This is now three times since 2005 that government has, after telling us there will be no further extensions, done an about-face at the very last minute.
Don’t kick yourself however if you rushed to beat the deadline – you will almost certainly still have to comply somewhere down the line, and at least you crossed off one annoying little red tape item from your To-Do list.
Procrastinators on the other hand are doomed to repeat the eleventh-hour panic in 2020. Rather comply now if you haven’t already done so.
Does this extension apply to you?
The new 31 December 2020 deadline applies to most smaller businesses – specifically to any “private body”, including any private company, but not to any non-private company, nor to any private company in any of the business sectors listed below with either –
- 50 or more employees, or
- An annual turnover of or above specific thresholds – see the table below for details.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.