Talking Points Ep 19 – Taxes| Deregulation| Wages | Payments

Small business owners should be feeling warm and fuzzy right now.  We have been given more love in the past six weeks than we’ve received in the preceding 4 years.  That’s what you get when there is an election.

When it comes to SME Policies the political parties have set a world record in warm and gooey motherhood statements, so I have ignored that stuff and concentrated only on their  headline promises which I present in no order of preference along with links to their policies.

Labour says it will introduce  a mechanism to ensure SME’s are paid on time or within 30 days of presenting an invoice. There is no explanation of what the mechanism will be.  And Mr Albanese’s crew is also offering to   reduce transaction costs on payments – currently costing business about $800m a year.

The Liberals and their coalition partners  – promise to lower taxes for SME’s  and will not introduce any new taxes. They will also  continue their  so called deregulation agenda,

The Greens?  They are offering a 110% wages credit. Which means that a small business with a turnover of up to $2m can claim 110% of its wages bill against its income.

The United Australia Party’s headline offer is to end the advance payment of provisional tax and allow it to be paid at the end of the financial year.

And, while One Nation does not have a specific small business policy, It does promise to increase the national apprenticeship scheme.

So, which is the best party for small business?  The best commentary on that is in the Bank Doctor’s Blog  where Neil Slonim offers a considered and relatively balanced answer.

And my promise…if you or a client are looking for working capital and cash flow support, I’ll do the very best I can to help you.

Now I’m off to press the flesh. Cheers.

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