Reforms and investment announced by the Federal Government today will streamline unnecessary regulation and remove burdensome red tape, supporting business investment, innovation, and job creation.
“This is a smart approach to deregulation. Practical measures to reduce the hand breaks on business will save time on compliance, reduce costs, and boost efficiency, benefitting all Australians.” ACCI chief executive Andrew McKellar said.
“Too often we hear of layer upon layer of regulatory bottlenecks that hold back businesses from realising their potential. The strength of our economic recovery is contingent on removing the regulatory burden on business, particularly for small and medium enterprises.
“Cutting unnecessary red tape will be instrumental in encouraging businesses to expand their operations. Over the past decade, business investment has collapsed, contributing to Australia’s very low productivity growth. We cannot afford to continue on this trajectory.
“If we are to achieve higher living standards and increase wages growth, ensuring businesses are empowered to lead the post-pandemic recovery is fundamental.
“Changes to the calculation of pay-as-you-go (PAYG) instalments from next financial year will benefit more than two million small businesses, enabling employers to invest in productivity enhancing measures and take on new hires.
“The establishment of an automated system that adjusts tax instalment calculations based on annual financial performance will act as a critical cashflow boost when many businesses are struggling with increased costs.
“Sharing of single touch payroll data with state and territory governments allowing for pre-filling payroll tax returns and forms, is an important reduction to the costs of regulatory compliance.
“The administration of trusts is also set to be streamlined with the digitising of income reporting brought up to speed with modern technology and business practices.
