201410.22

Reducing red-tape tape burdens for small business

The Coalition Government knows small business is the engine room of the Australian economy and we are committed to reducing the red tape burden the sector faces.

Cutting red tape is at the heart of this Government’s mission: to build a strong and prosperous economy for a safe and secure Australia.

The Commonwealth Government is removing nearly 1,000 pieces and over 7,200 pages of legislation and regulation as part of our ‘Spring Repeal Day’

This is in addition to the more than 10,000 pieces and 50,000 pages of legislation and regulation removed from the statute books as part of the ‘Autumn Repeal Day’ in March.

Since the 2013 election, the Coalition Government has announced more than $2.1 billion in red and green tape savings for the business and not-for-profit sectors.

This is more than double our commitment to remove $1 billion in red and green tape from our economy each year.

The Coalition Government is saving small business owners both time and money. We are reducing the tax compliance burden with administrative changes to GST and PAYG reporting.

This means businesses with no GST payable will no longer be required to lodge a business activity statement, which would otherwise only record PAYG instalments saving more than $67 million each year in compliance costs.

Today I introduced The Export Finance and Insurance Corporation (EFIC) Amendment (Direct Lending and Other Measures) Bill 2014 into Parliament. This Bill enhances the capacity of the Export Finance and Insurance Corporation (EFIC) to support small and medium-sized businesses seeking to capitalise on global trade opportunities.

This will immediately and significantly improve the export potential of Australian small and medium-sized businesses.

We are reforming the Franchising Code of Conduct. This will provide a general duty on franchisors and franchisees to act in good faith and to streamline the operation of the Code.

We are creating the Small Business and Family Enterprise Ombudsman, a national advocate which will also assist in the development of small business friendly laws and regulations.

Small Business people around the country have told me their stories of attempting to make ends meet while struggling with red and green tape.

This is why the Commonwealth Government is working each day to remove the red tape burdens for Small Business. We are committed to ensure small businesses can do more, to benefit consumers and our economy.

Further information is available here