CoSBA WELCOMES NEW MEMBERS: The Master Painters Association who together with the Master Plumbers Association were joint members for a number of years. We welcome them back as a member in their own right. Additionally, Associate Members: Tieline Research Pty Ltd, Rod Henderson; Knight Management Services Pty Ltd, Stephen Knight
SMALL BUSINESS WARNING: As outlined in Greg Brown’s article below Bill Shorten’s proposed anti-business policy of industry wide bargaining stands as a real and present danger for small businesses in Australia. It will give unions control of industry wide agreement pattern bargaining which will be imposed on small businesses in which they will have no say.
Brown reports: “Liberal MP Craig Laundy — a former industrial relations minister and businessman — has called on small and family business owners to “think like union organisers” and start grassroots campaigns against the prospect of industry-wide bargaining if Bill Shorten wins office.”
If Bill Shorten gets elected this presents as an ominous and serious threat for small and medium-sized business and Craig Laundry’s warning and proposal should be heeded.
Accordingly, CoSBA has called on the Government to take urgent steps to convey this warning and its implications to small and medium-sized businesses.
WASTED OPPORTUNITY: “The Morrison government’s instant asset write-off forms a key part of its small business agenda, but new research has revealed many SMEs are unaware the program even exists”.
In spite of extensive publicity about the government’s instant asset write-of tax initiative, according to a survey, only 52% of businesses were aware of the initiative. Given the tough economic environment this represents a significant lost opportunity for small businesses.
2BILLION FOR SMALL BUSINESS: An article published in The Australian newspaper on 14.11.18 that reports: “Josh Frydenberg will launch a $2 billion government-backed – intervention into the $300bn small and medium-sized business lending market, in a move to combat the lack of competition and inflated interest rates.” An initiative for which we hasten to commend the Government.
We also acknowledge and commend the Government for, as reported: “[his] stimulus package marks the latest in a string of measures . . ., including fast-tracking tax cuts for companies with turnovers under $50 million, slashing red tape for employee share arrangements, improved tax dispute resolution with the Australian Taxation Office and helping small companies get paid faster by large customers.”
These initiatives are greatly welcomed by small business and the Government’s ongoing support of the sector. We would however caution not to let bureaucratic red tape frustrate access to the loans.
On the other hand however, Liberal MP Jason Falinski “said the Australian Business Securitisation Fund, announced by Treasurer Josh Frydenberg yesterday, would have to be carefully designed to prevent the market being flooded with bad debt because businesses cannot pay back their loans.” (The Australian, 16.11.18)