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Further relief for small business



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JOINT PRESS RELEASE

THE HON. TONY ABBOTT MHR, LEADER OF THE OPPOSITION THE HON. BRUCE BILLSON MHR, SHADOW MINISTER FOR SMALL BUSINESS, COMPETTION POLICY AND CONSUMER AFFAIRS

FURTHER RELIEF FOR SMALL BUSINESS

The Coalition will relieve the red tape burden from Australia’s small businesses by giving them the option to remit the compulsory superannuation payments made on behalf of workers, directly to the ATO.

The Coalition is always looking for ways to help small business get ahead because that’s where jobs are created.

We understand that there is an increasing red tape burden on small business and this is a practical measure that will help reverse the trend.

Small business will be given the option to remit superannuation payments to the ATO at the same time as they remit their PAYG payments.

This will require only one payment to one agency - rather than multiple cheques to multiple superannuation funds. The ATO will be responsible for sending the money to superannuation funds directly.

This measure will also help to increase compliance with employer superannuation obligations and make it easier for workers to ensure that their retirement money is being paid as it should.

This initiative builds on the Coalition’s strong track record in supporting small business.

At last year’s election, the Liberal National coalition promised a fairer deal for small business, including a separate Minister for Small Business in the Cabinet; small business impact statements for proposed new laws; extending unfair contract provisions from consumers to small business; the establishment of a special ombudsman to be an advocate for small business inside government and working with regulatory authorities to improve access to small business finance.

We have also committed to reducing the regulatory costs to all businesses by at least $1 billion a year and to not change current laws relating to the treatment of personal services income.

For small business men and women, less paperwork means higher profits, boosted sales and more time with the family.

If we want stronger and more cohesive communities, we need stronger and more prosperous businesses: especially small businesses because these are often the most dynamic and adaptable as social and economic conditions change.

3 June 2011

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