Reducing red tape the first step towards supporting business and employment growth

The regional arm of NSW’s state peak business organisation, Murray-Riverina NSW Business Chamber says new measures to reduce the regulatory burden on small business announced as part of the Federal Government’s Budget 2015 Jobs and Small Business Package are an important first step towards supporting business and employment growth across the region.

 

“It’s widely known that small business is the engine room of our national economy. Here in the Murray & Riverina regions of NSW, 67% of employing businesses employ less than four staff and a further 28% employ less than 19 employees, but for far too long excessive regulation has acted as a handbrake on growth in this vital economic sector,” said Ben Foley, Regional Manager of the Murray-Riverina NSW Business Chamber.

 

“In the lead up to the 2013 Federal election, the national Chamber movement launched the Small Business: Too Big to Ignore campaign to put the needs of small business back on the political agenda. As a result, we saw a Small Business Minister appointed to Cabinet for the first time, and we are now we are seeing that appointment pay dividends.

 

“The Federal Government should be commended for listening to the small business community and taking practical steps to reduce the burden of excessive red tape, particularly for entrepreneurs and start-ups who will be the key to driving Australia’s future economic growth.

 

“In addition to the changes to the taxation of Employee Share Schemes announced by the Government earlier this year, streamlining the business registration process and enabling businesses to deduct professional set-up costs immediately will make it easier for entrepreneurs and start-ups to do business in Australia.

 

“Allowing small business owners to change the legal structure of their business without incurring a Capital Gains Tax liability will reduce the high stakes nature of initial set-up choices and allow business owners to focus on running a successful enterprise that will provide the jobs that Australia desperately needs.

 

“We are looking forward to seeing even more for small business when the Federal Budget is released next week. Whilst we still haven’t had formal confirmation on the big issues like accelerated depreciation, we are confident that this Budget will be the best news that small business has had in a long time,” Mr Foley said.

 

Media Contact: Ben Foley 0418 211 126