The Council of Small Business Organisations Australia (COSBOA) welcomed the Coalition’s plan for small business as one having a strong foundation but requiring further action.
COSBOA CEO Luke Achterstraat said many of the elements of the plan aligned with the peak body’s policy requests on behalf of small business across areas such as tax, red tape, competition, payments and industrial relations.
“Small businesses are the backbone of the economy but have been facing numerous headwinds in recent years: a perfect storm of costs and an increasingly complex regulatory environment.
“This plan includes new initiatives such as the Entrepreneurship Accelerator and Tech Boost which provide real incentive for early-stage businesses and those seeking to upgrade their digital assets.
“Combined with a commitment to make the Instant Asset Write-Off permanent and lift its threshold, and the removal of FBT on meal expenses for small business, there is some very positive and tangible support for the sector on the table,” he said.
Mr Achterstraat also welcomed the commitment to enhance the role of the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and the creation of a Small Business Deregulation Taskforce in Cabinet.
“Removing redtape requires more than rhetoric – it needs a concerted effort and coordination between key portfolios. It is vital this taskforce engages with industry and is ambitious in its agenda.”
COSBOA also welcomed the attention on payment, competition, skills and employment.
“A direct incentive of $12,000 for small business to hire apprentices in shortage areas is sensible, as is returning to a clearer definition of casual employment.”
However, Mr Achterstraat said an opportunity still exists to commit to game-changing tax reform and productivity improving initiatives.
“Our Fair GO for Small Business campaign is asking for a tax cut for small business from 25% to 20% to provide immediate and ongoing relief to the lifeblood of our economy.
“This would be a game-changer for small businesses, allowing them to keep more of their income to reinvest, grow and thrive.
“To truly underwrite the future of small business in Australia, we need bold reform to reignite confidence.”