COVID-19 Recovery Plan
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 million.
Reopening your business
If you're ready to reopen your business, visit our My Business Health tool to find out what you need to do.
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.