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, said the Federal Member for Mitchell, Alex Hawke MP.

“Small businesses are vital to our local and national economy, as well as being an enormous source of local employment,” Mr Hawke said. “We must continually be looking for ways to help small business get ahead.

“This practical measure will help to address the increasing red tape burden small businesses are facing.

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

Through this measure small businesses 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,” Mr Hawke said.

“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.”

Mr Hawke said that at last year’s election the Liberal National Coalition promised a fairer deal for small business with initiatives 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; and

·         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.

“If we want a stronger and more cohesive community, we need stronger and more prosperous small businesses,” Mr Hawke said.