COSBOA: July 1 brings welcome boost for small businesses

NEW budget changes have been applauded by small businesses and their peak body, Council of Small Businesses of Australia (COSBOA), for providing a boost in confidence and optimism as we turn the corner towards the new financial year.

From 1 July 2015, small businesses will see their tax rate fall from the current 30 per cent to 28.5 per cent. The good news continues; with small businesses, which aren’t operated through a company, also getting a tax cut.

In addition, sole traders, or businesses which operate through a partnership, trust or other non-corporate entity will get a 5 per cent discount (in the form of a tax offset throughout the year-end tax return) on the tax payable on their profits, up to a maximum of $1000 per individual.

Yet despite these changes, which can surely only be seen as a silver lining by small businesses, Peter Strong, CEO of Council of Small Businesses of Australia (COSBOA), says there is still a way to go with providing equality and support for small business, and advises against complacency.

Mr Strong commented: “We will continue to work with the Treasurer to implement the changes needed to the tax system, which can hopefully be achieved in the tax white paper.

“We will also continue to work with Bruce Billson on changes to contract processes, competition legislation and to help bed down the new Family and Small Business Enterprise Ombudsman’s position.

“The development of a performance framework for federal regulators also provides us with the opportunity to work more closely still with key regulators so that the right compliance is achieved with the least impact on small businesses.”

Council of Small Businesses of Australia (COSBOA) hosts the Vodafone National Small Business Summit on 16 and 17 July at Doltone House Jones Bay Wharf, Sydney.

With a high profile line-up of guest speakers and attendees, the Summit brings together policy influencers and government leaders to meet to exchange knowledge on how to influence and make change that will contribute to the growth of small businesses in Australia.

Peter Strong, CEO of Council of Small Businesses of Australia (COSBOA) says: “Small business represents the Australian entrepreneurial spirit to allow everyone a ‘fair go’. They are the backbone of the Australian economy - impacting our people, culture, cities and communities – and as business and policy experts the Summit is our opportunity to come to together to confront the issues impacting small business.”

In 2015, small businesses will be invited to attend the inaugural Summit Start Up on Wednesday 15th July; a pre-Summit networking event where the community, culture, and diversity of small businesses will be celebrated. The Summit Start Up will be opened by Hon Bruce Billson, the Federal Small Business Minister.

Registrations are open for the Vodafone National Small Business Summit. For more information please visit www.nationalsmallbusinesssummit.com.au

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