From deferring increases in superannuation contributions to reducing the company tax rate, here is a handy list of the Coalition's pre-election promises to Australian small businesses.
The Coalition has fleshed out its proposals aimed at assisting small businesses.
Last month the Coalition issued a statement outlining some of the steps it proposes to take in order to improve the lot of small businesses if it is elected.
The additional measures now being promoted are to:
- Cut $1 billion in red and green tape costs every year ($1 billion applies to the cost to all businesses, not just small businesses)
- Reduce the company tax rate by 1.5% to a new rate of 28.5% (the company tax rate is already below the marginal personal tax rate for those earning more than $37,000)
- Defer by two years the increase in compulsory employer-funded superannuation
- Protect the rights of independent contractors and the self-employed
- Establish a new Small Business Ombudsman – and specifically work on improving big business "fair commercial conduct" (many small business owners who have much bigger customers would welcome steps to address the imbalance of power in such situations)
- Work with the financial sector to improve access to small business finance (the difficulty in raising finance without mortgaging the family home seems to be one of the sector's biggest gripes)
- Refine the national Franchising Code (given the extent of franchising in Australia, the segment deserves more government attention)
- Implement our policy to boost productivity and reduce regulation
- Ensure small business gets a seat at the B20 forum (Australians currently contributing to B20 working groups are Heather Ridout of the Australian Industry Group, John Denton of major law firm Corrs Chambers Westgarth, Mark Burrows of Switzerland-based Credit Suisse, and Sam Walsh of Rio Tinto Iron Ore, the world's second largest iron ore supplier)