More red tape cuts secured for small business through latest changes to tax reporting

VECCI Chief Executive Mark Stone said the organisation welcomed today’s red tape reduction measures announced by the Minister for Small Business, Bruce Billson MP, delivering an estimated $56 million reduction in compliance costs for eligible small businesses.

"The administrative changes will provide red tape relief to an estimated 372,500 small businesses nationally and answer one of VECCI’s 2013 Election priorities for cuts in red tape," Mr Stone said.

"Approximately 32,500 businesses with no GST reporting requirements will no longer have to lodge a business activity statement (BAS) while a further 340,000 businesses will no longer have to interact with the PAYG instalment system, freeing up time and saving on preparation and filing costs.

"These sort of practical measures save time and money and let small business women and men get on with building better businesses, serving more customers and providing jobs and wages to millions of Australians. 

"A continuing red tape reform agenda is vital to ensuring Victoria remains prosperous and competitive and Minister Billson and the Government are to be commended for these latest initiatives."

The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

www.vecci.org.au

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