After repealing than 10,000 pieces and 50,000 pages of legislation and regulation as part of the ‘Autumn Repeal Day’ in March, the Australian government is preparing for another round of red tape reduction. The “Spring Repeal Day” aims to remove nearly 1,000 pieces and over 7,200 pages of legislation and regulation. The Government emphasises the importance of more than $2.1 billion in announced red and green tape savings for the business and not-for-profit sectors. But are you noticing a difference? Further, the Government says it is saving small business owners time and money through:
- Reducing the tax compliance burden with administrative changes to GST and PAYG reporting meaning businesses with no GST payable will no longer be required to lodge a business activity statement, which would otherwise only record PAYG instalments.
- Deferring the increase in compulsory employer-funded superannuation
- Abolishing the carbon tax
- Introducing amendments to the Export Finance and Insurance Corporation (EFIC) Act to enhance the capacity of EFIC to support small and medium-sized businesses seeking to capitalise on global trade opportunities.
- Reforming and streamlining the Franchising Code of Conduct to ensure all parties act in good faith.
- Extending unfair contract protections to small businesses
- Creating the Small Business and Family Enterprise Ombudsman, a national advocate which will assist in the development of small business friendly laws and regulations.
Is it making a difference to your business? What else would you like the Government do for small business?
