Restaurant Bookkeeping: Retail and Hospitality Businesses Welcome Sunday Penalty Rate Cuts
Australia’s economy is slowing down partly because of stagnant wages growth. However, according to small business owners, workers are not the only ones who are struggling – they also have their struggles. Thus, retail and hospitality business owners are welcoming Sunday penalty rate cuts.
Retail and hospitality
Retail businesses are competing with online stores and they would need these Sunday penalty rate cuts if they want to open seven days a week. The Fair Work Commission has proposed to reduce Sunday penalties in retail and hospitality by 50 per cent in 2017 with the final reduction occuring in July 2020.
However, based on their restaurant bookkeeping, business owners say they only save around $12 per shift because the annual increases in minimum wage wasn’t enough to encourage them to employ more staff on a Sunday. They argue that unions have already reached agreement with their ‘larger’ competitors for much lower penalty rates, however small businesses must continue to pay award Sunday penalty rates. The Council of Small Business is urged to focus on compliance in this sector.
Now is the best time to discuss about how things can be changed. Small business owners argue that if penalty rates are abolished and hourly rates are increased, more people will be interested in working in this industry. This would also mean that employees would be able to take annual leaves, and weekends would no longer be a big deal.
Accountants for retail and hospitality businesses
Need a bit of assistance with your hospitality business? Contact a Sky Accountants representative today and learn more about our fixed fees. You won’t regret it.
Some of our clients include Buckley’s Entertainment Center, Ballarat Leagues Club, Daylesford Hotel, Bacchus Marsh Golf Club, Campbell Point House, Midlands Ballarat, The Urban Newtown, Maryborough Midland Society, Brink Drinks, Dontek, UV Wraps and many more.
Aside from business consultation, we also offer accounting, business and restaurant bookkeeping, back office, SMSF and POS services designed to help you achieve greater financial success.
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