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.