BANK LENDING for small business has been put under the spotlight by the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, in her report released today. There have been 17 inquiries into the banking industry since the GFC, of which little or no action seems to have taken, that represents a reprehensible travesty visited on small business by Governments. The report says “the banks have treated small business unfairly”. A statement of fact known by all small businesses! (See report below)
We have appealed to the Revenue and Financial Services Minister Kelly O’Dwyer and Small Business Minister Michael McCormack to ensure that the Government responds positively and as a matter of priority to the recommendations of the report and for it not to become the 18th for which there is little or no action taken.
TAX CUTS & TAX AXE: Great news for small business was reported in The Weekend Australian on 28.1.17, in so far as: “Mr Turnbull is confident of winning support for raising the threshold for a special small business tax rate from what the Australian Taxation Office terms as “microbusinesses” with turnovers of less than $2 million to include companies with sales of $10 million.” (See report below)
Conversely, it was reported in the same newspaper the Taxman is coming after small businesses concerned in the $12.5 billion owed to the ATO: “Over the next few months the Australian Parliament will be asked to agree to greatly widening the power of the Australian Taxation Office which will allow it to put out of business small enterprises that don’t pay their taxes.” (See report below)