Ombudsman welcomes cash flow boost, red tape reduction
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed today’s Federal Government pre-Budget announcement providing a cash flow support to small and family businesses through changes to PAYG tax and commitment to reducing red tape.
Under the proposed changes, the 10% GDP uplift rate that applies to PAYG and GST instalments will be reduced to 2% for the 2022-23 financial year, subject to the legislation being passed in parliament.