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Small business pays thousands of dollars extra in additional fees



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Media Release

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National Tax & Accountants’ Association"") Level 14 ,499 St Kflda Road, Melbourne wvvw.ntaa.com.au

SMALL BUSINESS PAYS THOUSANDS OF DOLLARS EXTRA IN ADDITIONAL FEES Over 800,000 small businesses will pay thousands of dollars in additional accounting, legal and

compliance fees Ss a result of the Democrats not excluding all food from a G S T regime.

According to Ray Regan, President of the National Tax & Accountants’ Association, “small businesses will incur significant additional accounting fees in establishing an acceptable taxation record keeping system that correctly identifies those items that are exempt and those that aren’t.

The problem is that small businesses will be paying an estimated seven to ten thousand dollars in accounting, computer software and other compliance costs to set up appropriate systems to comply with a GST, and this will just further add to additional ongoing charges.'

Ray Regan, President Mobile: 0418 320 751 Tel 03 9866 3733 Fax: 03 9866 3072