The removal of a number of tax concessions will have a greater impact on small business than many of the announced policies.
- Create a Small Business and Family Enterprise Ombudsman;
- The Small Business portfolio will be a cabinet position within the Department of Treasury;
- Small Business Protection – extend unfair contract protections currently available to consumers to the small business sector;
- Dealing with Government – all small businesses that provide services to the Federal Government will get the benefit of a “pay on time or pay interest” approach. Applying to financial obligations from 1 July 2014, this initiative will add a general interest charge (GIC) to any outstanding account not paid within 30 days. The GIC will be the same rate used by the ATO.
More information will be available in our next edition of the newsletter Words of Wisdom. Clients can subscribe to the Newsletter by contacting the office on (02) 9560 3777.