Council of Small Business of Australia (COSBOA) today released its Pre Budget Submission, hospital pharmacy which outlines its recommendations to grow the Australian economy and support small businesses across the country.
COSBOA’s Pre Budget Submission focuses on tax, supporting growth and skills development; the key areas it feels that need an overhaul to help and grow small businesses.
This will be discussed as part of a presentation Peter Strong will give to a branch of the Liberal Party in the Prime Ministers seat of Wentworth tonight.
It is the belief of COSBOA that a flexible and less complex tax system is needed and one that is not geared in the favour of big business, which in the past has seen its power and share of the market used to its own advantage.
CEO of COSBOA, Peter Strong, said: “We know that the tax system is a major point of debate and rightly so. However, we need to make sure that the debate isn’t hijacked by ideologues to the detriment of mainstream Australia.”
In the submission, one of COSBOA’s suggestions is that that small businesses may ‘opt in’ to a system where they decline all deductions that may apply in exchange for a much lower tax rate.
Peter continues: “This is just one example that’s outlined in the report, which would provide businesses with the opportunity to have a less complex tax return. This would reduce costs and the administrative burden on the tax system and create less need to maintain records for tax purposes, which are currently a drain on the resources of small business.
“Essentially the process needs to be simplified, so that small business owners can focus on running and growing their business and their employees, not unnecessary admin. The outcome would be that the Australian economy will grow and communities will benefit from a range of independent providers,” said Mr Strong.
The report also focuses on skills development and describes the current Vocational Education and Training (VET) system as being in a crisis and not delivering quality service in many sectors.
Peter said: “COSBOA believes in particular that much of the billions of dollars spent in the vocational training sector is wasted and wants to see funds invested into technical and ‘on the job’ training.”
In the submission it suggests how a major solution can be found, with a substantial part of VET and employment services funding directed through industry associations, who would ensure quality and relevant services and training would be delivered.
Peter concluded: “Giving small business associations greater influence over how that money is spent will create greater outcomes without an increase in expenditure. There is money in the budget that can be better spent through small business. We believe the ideologues should be put in a room together, the doors locked, the keys thrown away; and then we can get on with reality!”