Contact: David Pring
Deloitte
Partner Growth Solutiuons
(02) 9840 7311

Contact: Jane Kneebone
Deloitte Growth Solutions
Media and Communications
+61 (0) 3 9208 7389

 The 2007 Federal Budget fails to deliver tax and red tape simplification for small business says Deloitte Growth Solutions Partner, David Pring.

“This Budget does not deliver on promises to small business to encourage them to expand offshore as no new assistance methods are offered.”

“Life for small business has not been made easier, with no significant tax simplification measures announced. The change to annual BAS statements will only have an impact on micro businesses with turnovers of less than $75,000.

“Basically the burdens of red tape will remain for small businesses.”

“There has been no incentive to invest in infrastructure, technology, plant and equipment.”

Australian company tax rates are high by international standards and many other countries have lower tax rates for incorporated small business. Lower company tax rates, especially for small businesses, allow the growing small business sector to more quickly accumulate the cash needed to fuel their growth.

Once again small businesses have been left in the cold and will have to wait.