There is no such thing as “one business structure fits all or even similar businesses’ and getting the business structure wrong can cost you in the long run. Don’t simply register a company and think that it is the best structure for you because everyone else is using it and you are in a hurry or to save a few dollars at the start. There are four main types of business structures used by small and medium sized businesses in Australia and in most cases using them in a combination may work in your favour in the long run. These four are:  Company Trust Sole Trader Partnership Below are the…

Being a business owner may be rewarding but owning a business comes with the responsibility of making sure that the business complies with various obligations. Below are the 7 things business’ are  getting caught out on: Minimum wages. The current minimum wage is $694.90 per week ($18.29 per hour) and paying employees below that either intentionally or unintentionally can result in penalties. Annual Leave. All employees (except for casual employees) are entitled to annual leave. Full-time and part-time employees get 4 weeks of annual leave, based on their ordinary hours of work. The leave accumulates gradually during the year and any unused annual leave will roll over from year to year. Superannuation payment. Almost all employees…