The true cost of red tape

The true cost of red tape…

Did you know that a sole trader who is the owner, operator and the only employee in the business will spend $3,000 a year on red tape compliance. Outcomes from 2014 NSW Business Red Tape survey clearly shows that: • Red tape costs NSW businesses more than $8.4 billion and 220 million hours; • Red tape costs rise depending on size of business:  non-employing business $3,000;  business employing 1 – 4 people $9,000;  business with less than 20 staff $18,000  business with up to 200 staff $61,000  business with over 200 staff $386,0000 • 51% of businesses believe they are over regulated and the overall impact of regulation is negative; • Most common concern is that rules are overly complex and poorly explained; • The most costly tasks are understanding and implementing the rules, keeping records, and filling in forms; • The most complex areas are WHS, employment law and planning; • The most complex regulators are planning, employment and local government. Over regulation is a barrier to business growth, if your business is being stifled by layers of regulation talk to your Chamber today, the only way business can create positive change is by working together.