Red Tape Repeals that will Affect Australian SMEs

In a bid to reduce red tape, Prime Minister Tony Abbot promised that the government will get rid of more than 9500 pieces of legislation.  These are the 4 legislation cuts that will affect Australian small and medium businesses.

The government will try to remove the payroll function imposed on employers for the paid parental leave scheme. Small Business Minister Bruce Billson said that “it serves no good public policy purpose” and will save businesses about $44 million a year.
The Commonwealth contract will be modified to simplify the tendering process for contracts below $200,000.
The Personal Properties and Securities Register will be changed to remove some of its reporting requirements. “It is particularly relevant to the hire industry, businesses requiring specialist equipment for a specific job are required to register that transaction and the time to register will be extended to reflect commercial realities,” Billson said.
Companies who operate across state borders will be allowed to self-insure under Comcare workers' compensation scheme.
The Small Business Tax will be removed, including motor vehicle tax concession, concessional depreciation write-off, loss carry-back rules, and low income superannuation contributions.

Hat tip to Smart Company

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