Shout out to all the SME owners!
Has being your own boss turned out the way you thought?
What didn’t you expect when you decided to make the leap?
We speak to lots of small business owners and its rules, all the rules, that they didn’t see coming.
If you are employing staff, first you need to make sure you haven’t incorrectly classified them as contractors, then you need to meet the NES minimum standards, pay at least the award rate, keep good records, pay on time! And don’t forget to budget for leave (annual, personal/careers/sick & long service)
Before you pay any bills you need to make sure your supplier has provided you with a valid tax invoice, then you need to keep/file/maintain records to ensure tax deductiblity.
What about Fair Trading requirements? Is your product or service safe & legal, do you need a licence like plumbers, electricians, tax accountants and bookkeepers do?
If you’ve been your own boss for 5 years or more, we salute you – only 51% of small businesses survive more than 5 years according to research from xero.
Need help to manage all the rules? Ask us to review where you are at.
