As predicted and expected, almost everyone has been whacked by the budget with higher charges and taxes, and lower payments.
Here’s a quick summary, however, of the situation for small business people summarised from this article by Robert Gottliebsen of Business Spectator. Robert says there’s a big shift of emphasis from big to small business.
- A firm commitment to deliver fair contract laws for small business people (“tucked away in a small corner”, Robert says).
- Provision for the Small Business and Family Enterprise Ombudsman (see our submission on this).
- Reduction in the company tax rate (from 30% to 28.5%) for smaller companies. The 300 biggest companies miss out!
- $484 million in a programme to bring research and business closer together (this is funded through the collapse of a large number of existing ‘innovation’ programmes).
The tax reduction is welcome. We don’t know the details of the new $484 million fund, but on the surface it makes a lot of sense. We’ll need to see the details, of course.
Minister's Media Releases
Small Business Minister Bruce Billson has issued a number of related media releases confirming details of the impact for small business:
Small business to get the same protections as consumers
Access to the Commonwealth made easier for small business
Small business to benefit from new Commonwealth contracting arrangements
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