Rising cost of doing business

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Australian businesses are facing rising costs as new figures indicate a steady increase in rent and superannuation over the past few years.

The ATO has released figures which show Australian businesses spent $47.44 billion on rent in 2014, up from $45.99 billion the previous year. This marks a steady increase since businesses spent $42.41 billion on rent in 2012.

Superannuation expenses have experienced a slight incline over the past two years, with businesses contributing $32.15 billion towards superannuation, in comparison to $29.47 billion in 2013.

According to ATO data, Australian businesses are spending more on maintenance and motor vehicles in comparison to previous years.

Even though rental prices are increasingly becoming a challenge especially for bricks-and-mortar retailers, there are ways to lower costs. Business owners, especially those looking to rent in popular hotspots such as the CBD, would benefit from spending time to negotiate leases and ensuring the shopfront is optimal for long-term business.

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