The Coalition Government is backing South Australian small businesses with a $21.1 million investment in red tape reduction, to make it easier to start and grow a business.
Treasurer, Josh Frydenberg, said the funding was part of the Government’s $300 million Small Business Regulatory Reform Agenda and our plan for a stronger economy.
“Our plan recognises that the private sector employs nine out of every 10 workers and is focused on making sure that businesses stay competitive, keep investing and continue to hire more workers,” Mr Frydenberg said.
“This new $21.1 million investment will allow small businesses like pubs, farms and retailers to spend more of their time and money on growing their business and less on dealing with red tape.
“This will build on the Australian Government’s efforts that have already reduced Commonwealth regulatory burden on businesses and the community by almost $6.8 billion.”
Minister for Small and Family Business, Skills and Vocational Education, Michaelia Cash, said the funding would give South Australian small business owners back more of their time in industries such as agriculture, food and tourism by making it easier to comply with government regulation.
“South Australia’s economy depends on a pipeline of skilled local workers,” Minister Cash said.
“Businesses in the agricultural and food industries will also find it easier to meet compliance obligations and find targeted information on how to start and grow a business with new ‘one stop shop’ portals.
“The Liberal National Government wants to help small businesses do what they do best, continue to grow the economy and employ 5.7 million Australians.”
SA Treasurer, Rob Lucas, welcomed the Coalition Government’s significant investment which would further support the Marshall Government’s raft of business reforms and tax cuts.
“Small businesses are the backbone of our economy and we are committed to helping them grow and create more local jobs, by lowering their costs and reducing the red tape burden,” Mr Lucas said.
“These projects will complement our reform agenda, including the abolition of payroll tax for all small businesses in South Australia which came into effect on January 1, to drive growth and local investment.”
The projects include:
- E-certificate for interstate trade of plant products: An electronic certification system will be introduced to replace a paper-based and onerous system for businesses trading plant material across South Australian borders. This will save time and money.
- Stamp Duty Act rewrite: The Stamp Duty Act will be rewritten to simplify the state tax legislation and help many South Australians who are buying a new business, or those buying a new home, and reduce their need to hire a lawyer or consultant to advise on their stamp duty obligations.
- Development of an ID Check App: The App will be developed to enable small businesses such as pubs, bars and clubs with liquor licences to reduce the regulatory burden of meeting their liquor licence conditions.
- Unclaimed Moneys Act amendment: Currently, businesses must retain all misplaced money, such as overpayments of more than $10 for nine years, and advertise twice in the Government Gazette. This will be changed to reduce the burden to $50 and seven years.
This funding builds on the Coalition Government’s support for small business including increasing and extending the Instant Asset Write-Off initiative, fast-tracking tax relief for small and medium businesses and making it easier for small businesses to access finance through the $2 billion Securitisation Fund.