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Small business people and the budget

Wednesday, May 14, 2014

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.

Key points he makes are:
  • 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 fair contract laws and Small Business Ombudsman commitments receive big ‘ticks’ of endorsement from ICA.

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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