It used to be, if you wanted to get a consultant in to revive your business, you had to pay for a large team to fly in for weeks and weeks. Luckily these days with the internet we can get some great resources and analysis to your business without needing to host a huge team. We do as much as we can to keep the costs down and get your business back in prime condition and generating major profits again. If you are looking for some cool and easy solutions to help your business turn around, then read on. This site has all sorts of tips to get you started.
If you operate a family business, there are many reasons to get your kids involved. Working at the family business, they develop a work ethic, and you get to spend time together as a family. However, working together doesn't just benefit you on an emotional level. Hiring your kids is also advantageous financially in the following ways:
1. Your kids can earn their own money
If you are tired of your kids constantly asking for money for tickets, new jeans or other necessities, it may be time to help them earn their own cash. If you pay your kid to work in the family business, you can potentially save money on allowance and expenses.
2. Your kids may be able to start earning at a younger age
The legal age to start working varies from state to state, but in most cases, kids cannot have a job until they are fifteen. Luckily, there are several exceptions to this rule, and in many states, working for a family business counts as an exception.
You will need to check the employment laws in your area, but in most cases, you can hire pre-teens and teens for your family business. That gives your kids a chance to earn cash before they would have been able to if they had to wait to be hired by a non-family employer.
3. You can pay your kids to offset your tax obligations
When you give your kids a job working at the family business, you don't just save on allowance costs and help them earn money at a relatively young age. You can also offset your tax obligations.
Australian taxpayers can earn up to $18,200 per year without having to pay taxes. If you pay your children, you get to subtract their wages from your profits (just as you would any other employees). That lowers your tax burden, and they don't have to pay taxes either.
4. You may be able to avoid the WorkCover requirement
In most cases, employers have to purchase WorkCover, an insurance program designed to help employees who are hurt or the job. However, if you pay your employees less than $12,031, you may not need to pay WorkCover premiums for them.
As kids and teens can only work a certain number of hours per day during the school term, you are unlikely to pay them more than that amount, saving you on insurance costs as well. Keep in mind that figure is indexed and may change.
For more tips on hiring your own kids, consult family business experts like Control Your Business.Share
17 April 2015