The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has released a COVID-19 Recovery Plan, recommending a suite of reforms to support small businesses in the post-COVID recovery phase.
It details a number of changes to improve the legal, regulatory and compliance environment for small businesses including:
- abolishing Fringe Benefits Tax for small business
- creating a federal small business claims tribunal with ASBFEO to provide triage services
- permanent small business instant asset tax writeoff of $150k
- introducing a Small Business Award
- legislating 30-day payment terms for small businesses
- creating a small business procurement panel for any Government contract under $10.
Many small businesses in Australia are being negatively affected by the COVID-19 crisis, including some businesses who have been significantly impacted by the bushfires. It’s important you consider the following actions now to help your business survive this challenging period.