Wages
What is a wage? There are many definitions available for this. For a self-employed small business proprietor, it’s what a proprietor would earn as an employee for a typical week’s work. To this figure should be added superannuation contribution and other award supplements.
The hourly pay would be the total weekly wages divided by a typical week’s working hours.
When proprietors work on a job, which he/she will be paid for by a customer, this is their correct rate for work done.
It is also essential that time used is accurately counted, even in minutes, so a correct figure can be calculated and added to the cost calculation for the job or product.
It is one of the big holes for self-employed proprietors. Remember! An Employee should always note used time accurately when they return their job card.
