TODAY the Council of Small Business Organisations Australia (COSBOA), has released comparison findings on the policies proposed by the Coalition and the Australian Labor Party (ALP), affecting small businesses.

The policies were assessed based on areas considered to be of high importance to the small business community.

As part of the findings, COSBOA have graded policies of critical importance; three areas are considered highly critical for the future of the sector.

On the ‘Important Policy Areas’ for small business, the Coalition trails in one category (Climate and Energy), while the ALP trails in seven, with a further two areas having no policy coverage (Export Market Facilitations and Mental Health policies for small business owners) by the ALP.

Of the three areas deemed to be ‘highly critical’ (Wage Policy, Access to Finance and VET), the parties were deemed to be similar in two areas (Access to Finance and VET) however in the area of ‘Wage Policy’ the ALP policy was ranked as a ‘fail’.

A summary of the results have been laid out in the below table, however, a comprehensive document is available via the below link.

SUMMARY – Comparison of small business policies between the major parties

Peter Strong, CEO of COSBOA, said, “Perhaps there is no surprise that the Coalition has scored well, and COSBOA members express deep concern about the wages policy proposed by Labor. VET and energy continue to rate highly as key areas of concern.”

To see the full report, visit: https://www.cosboa.org.au/policy-comparison
 

ends

THERE HAS been significant misinformation when it comes to accountants’ fees for providing tax advice, according to the Institute of Public Accountants (IPA).

“The figures used are based on a very small sample.  These in themselves do not justify a policy of capping deductions for tax advice,” IPA chief executive officer, Andrew Conway said.

“In addition, if the numbers being bandied around are using aggregated data, they will result in grossly overstated averages for adviser fees for this sample size.

“The ATO data that has been used related to the 2016-17 financial year. The label in the income tax return that makes up these figures includes adviser fees, ATO interest charges and litigation costs," Mr Conway said.

“From 2018 onwards, we will have a proper breakup of the three components. If aggregated figures are being used, then this is misleading the public.

“It is also misinformation to say that only the rich can access tax deductions; these are accessible by all Australians. There are already substantial penalties for advisers doing the wrong thing," he said.

“It is highly inappropriate to have a universal cap for all taxpayers as circumstances differ; a one-size-fits-all is inequitable.

“Our tax system is complex.  Denying deductibility for seeking advice from a trusted adviser is inappropriate,” Mr Conway said.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 36,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants. 

www.publicaccountants.org.au

ends

FOLLOWING the recent national crisis meeting in Fremantle to discuss the ongoing threats to resource access and property rights across the nation, Seafood Industry Australia (SIA), the peak-body representing the Australian seafood industry, has announced membership of its Resource Security Task Force.

“In the face of growing threats to our industry, we have formed the Resource Security Task Force. The Task Force will address the constant erosion of access and the devaluation and destabilisation this brings to the Australian seafood industry,” SIA CEO Jane Lovell said.

“The Task Force will develop a national strategy and actions to promote resource security. Our wild-catch and aquaculture sectors already provide one billion meals a year, and we want to grow this to 1.5 billion meals. The absence of secure access to resources, both aquatic and terrestrial, is a major impediment to the confidence and growth of the Australian seafood industry.

“Improving security is critical to providing an environment that encourages innovation and the confidence to invest and work in our industry," she said.

“We cannot sit back and watch our industry, which supports over 25,000 families, be compromised on an issue as crucial as access to resources.

“With the Federal Election just around the corner, we have grave concerns about Labor’s confirmation they will introduce their 2012 Commonwealth Marine Park Management Plans if elected.

“This will be a massive blow for our industry as we have fought long and hard to see the more balanced approach of the Coalition pass through Federal Parliament.

“We have had enough of the ongoing and widespread government interventions, review and reform processes that bring with them increased uncertainty for the future of our industry, the thousands of Australians who are employed by the industry, and the millions more who enjoy fresh, sustainable, healthy Australian seafood.

“As fishers, our priority is the environment. We will continue to advocate the health, sustainability and future of our ocean and land-based aquaculture activities. It’s our livelihood and the future livelihood of generations to come.

“SIA looks forward to working with governments, the community and industry to establish a strong and productive path forward," Ms Lovell said.

www.seafoodindustryaustralia.com.au

ends

THE RESULTS of the Suncorp CCIQ Pulse Survey for the March Quarter 2019 are in - and confidence in the Queensland and national economies remains relatively unchanged amidst a backdrop of uncertainty.

Responses reflected a mood of frustration around political and financial considerations weighing on the Queensland economy, a Chamber of Commerce and Industry Queensland (CCIQ) spokesperson said.

"The data analysed indicated that the outcome of the May Federal Election, a potentially more punitive industrial relations framework, elevated costs, tighter margins, coupled with state government frustrations amidst a backdrop of soft operating conditions are key areas of focus for small businesses," the spokesperson said.

Key takeaways from the Pulse report include:

• Business sentiment surrounding both the Queensland and Australian economies remained largely unmoved.
• Over two in five respondents expect weaker economic conditions in the state economy over the next twelve months - which is a weaker outlook a year ago.
• General business conditions have weakened since the December survey, with a greater proportion of small businesses reporting weaker conditions.
• Slight moderation to increases in labour and operating costs.
• More businesses indicated sales and revenues had decreased during the quarter.
• The proportion of businesses reporting a decline in employment levels increased, as did the proportion indicating their intention to invest in new capital expenditures.

The forecasts measurements for the June quarter, while far from elating, tend to reflect the expectation of less pessimistic businesses conditions across each of the forward indices.

www.cciq.com.au

ends