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Legislation change a pain for small businesses

Legislation change a pain for small businesses

Almost 40 per cent find it hard to keep up with frequent changes, reports MYOB survey.

Results of a MYOB Colmar Brunton survey state 37 per cent of local businesses are struggling to keep up with legislation changes. More than 500 businesses with less than 20 employees took part in the business pain points survey.

MYOB says that more than 97 per cent of New Zealand businesses employ 19 or fewer people.

According to the survey, employers with businesses in the six- to-19 employee range had the most difficulty (44 percent) keeping up with legislation changes, while those in the retail trade (41 percent) highlighted the issue as a more significant pain point than those in business and professional services (35 per cent).

Twenty per cent of respondents in the one-to-five employee range found implementing the latest payroll tax changes difficult, while 33 per cent of businesses with between six- to-19 employees had difficulty with tax changes.

MYOB general manager Julian Smith says any future Government must take into account the pressure on business created by frequent changes to legislation.

“The research confirms what our clients from around the country have been telling us for quite some time – constant changes in legislation make it just so much harder to do business.”

He adds that politicians should be mindful of the number and scope of changes business owners and managers have to be aware of to remain compliant.

The survey also found other areas businesses find difficult relating to.

The difficult areas are raising funds to invest in the business (22 per cent), knowing how to make a profit (21 per cent) and chasing up late payments (18 per cent).

More businesses with one to five employees found these areas difficult, with 26 per cent having trouble chasing up late payers and a quarter finding it hard to raise funds.

Fairfax Business Media

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