Red tape hampers small businesses

Small_business_paperwork2Small business owners are increasingly overwhelmed by the red tape and paperwork involved in their tax reporting obligations, according to a recent survey commissioned by American Express.

The survey, undertaken by Galaxy Research, included over 500 small business owners across Australia with businesses of 20 employees or less generating an annual turnover up to $2 million.

Over 80 per cent of the 515 survey respondents claimed there was too much red tape and regulation attached to small business financial reporting, with the majority of small business owners working overtime in order to keep up with their tax reporting commitments.

According to the survey’s findings, more than 40 per cent of small business owners worked on their financial reporting during the evening after business hours, while more than one respondent out of three did their tax reporting at the weekend.

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