What Defines a ‘Small Business’?

Welcome to this weeks’ episode of The Australian Small Business Show!Today we are talking about something that you might think we would have already covered here on the show – what actually is a ‘small business’. We’re looking at this both in terms of what the definitions various government agencies have, as well as our own perception of what small business means.The Definitions that Matter The Australian Taxation Office (ATO) defines a small business as one with under $10 million in annual turnover.The Fair Work Act on the other hand defines a small business as one with fewer than 15 employees.Then we can look at definitions under Australian consumer law, which has elements of both with under 100 employees and less than $10 million in turnover.The Australian Bureau of Statistics (ABS) have other definitions and they say a small business has 5-19 employees (less than that is deemed as a Micro Business).But do these definitions really matter? Or is it how you perceive yourself that mattes more? The reality is Small Businesses make up over 97% of Australian businesses, and we employ around 5 million people. We contribute over one-third of Australia’s GDP, yet we often sell ourselves short in importance as being small.Connect with Us: If you're an Australian Small Business Owner, we'd love to connect with you on socials. You can give our Facebook Page a like here: https://www.facebook.com/theaustraliansmallbusinessshowOr follow us on Instagram here: https://www.instagram.com/aussmallbizshow/Exciting news: our website is live – check it out at: https://www.theaustraliansmallbusinessshow.com.au/ ** Disclaimer: The information shared on The Australian Small Business Show is general in nature and does not constitute professional advice, legal or otherwise. We recommend consulting with your advisors on your specific circumstances.