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Senator Abetz reveals how government could keep funding the SME instant asset write-off
Senator Abetz at the Young Liberal Federal Convention (source: abetz.com.au)
Wed 1 February 2017 - 12:42 pmNews | Small Business | Tax
Senator Eric Abetz has recommended the federal government return small business to the cabinet and place the portfolio in the hands of Liberals.
In an address to the Young Liberal Federal Convention, last weekend, the former minister warned that “too much red tape, too much taxation and oppressive regulations” barred small businesses from fulfilling their collective role as the nation’s “wealth generator and job creator”.
Lamenting that small businesses were too often the “forgotten people”, Abetz floated five ways the government can champion the sector.
In addition to reversing the government’s decision, last year, to remove small business from the cabinet and having the Liberals take back the portfolio from Nationals MP Michael McCormack , Abetz recommended reining in expenditure as well as reducing the size of government and the tax burden.
“This could fund a continuation of the $20,000 instant asset write-off that…is due to finish in July,” he explained.
“For me – that’s a pretty simple proposition. More public servants in Canberra or more support for small and medium sized businesses right around Australia – something that can be achieved without legislation.”
Abetz also urged the government to continue pushing legislation to re-establish the Australian Building and Construction Commission (ABCC) and suggested that red tape would be reduced by the introduction of a small claims type tribunal for issues arising between the Australia Taxation Office and small business.
“A common sense, non-legal representative, practical tribunal that looks for solutions and resolutions rather than court hearings could actually not only save the public purse but businesses and jobs as well,” he said.
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