From an article Ray wrote recently for Smarter Business Ideas:
We all know that death and taxes are certainties in life, but when you’re in business there’s another certainty – constantly changing regulations. And that trend is likely to continue regardless of who wins the next election.
Michael Derin, managing director of Sydney-based accountancy firm Azure Group, says businesses “don’t know whether they’re Arthur or Martha” as they try to keep up with changes to key areas such as tax rules, HR guidelines, privacy and workplace safety.
“Businesses today need to engage more actively with their accountants and specialist lawyers and business advisers – but, of course, all of that comes at a cost,” Derin observes.
The constant flow of regulatory changes makes it harder for businesses to plan and budget, too. “For years we said that when you wanted to budget for a new staff member, you just add 22 per cent for on-costs. You simply can’t do that now, it’s a movable feast,” says Lawrence Potter, a director of Incite Management Group business consultants.
There have been changes across a lot of areas, so it’s no surprise that many business owners may be unaware of some of the rule changes that affect them.
As Sydney-based workplace safety consultant Gaye Cameron points out, “The biggest problem, particularly for small businesses, is ‘not knowing the knowing’. They may have no idea that they are in breach of new rules.”
So to help keep you in the loop, here’s a heads-up on recently enacted legislation (including some that haven’t come into effect yet) and what you need to look out for.