Budget

TRANSCRIPT: 2024-25 federal budget, small business mental health in Bathurst, small business procurement

Emily Carter — Thu, 16 May 2024 07:07:42 +0000

TRANSCRIPT: 2024-25 federal budget, small business mental health in Bathurst, small business procurement Emily Carter Thu, 05/16/2024 - 17:07

16 May 2024

TRANSCRIPT

Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson interview with Dusty Fitzpatrick.

Radio 2BS Bathurst

Subjects: 2024-25 federal budget, small business mental health in Bathurst, small business procurement

Dusty Fitzpatrick

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson says the federal budget offers targeted measures to help small and family businesses deal with current pain points and headwinds. I'm pleased to say he joins us now. Bruce, good afternoon.

Bruce Billson

Dusty, good to be with you and your listeners.

Dusty Fitzpatrick

It's lovely to have your company this afternoon, Bruce. The federal budget offers a $325 energy bill relief for small businesses. How significant is this relief for businesses facing high input costs at the moment?

Bruce Billson

Look, any help is welcome. Small businesses have got higher input costs squeezing their margins. You've got the budget forecasting a tapering, you know, pretty sluggish growth. It's tough to make a dollar out there Dusty and there’s no sloppy margins for any small business that I've been speaking with or that I've heard about. So, these assistances are important.

It's worth noting that not every small business will be eligible. So, it's largely those operating out of someone else's premises away from, say, a home-based business or something like that. And that's being worked through by the government. So, you need to be on those business tariffs, I think is a good rule of thumb. So that's about a million of the two and a half million small businesses in Australia.

And the other thing to be alert to is last budget a similar announcement was made at a Commonwealth level and in most cases states and territories also matched to that amount. That's not the case this time around. So, whilst that relief will be there, people might wonder why it's not as impactful on the bill that they get, and that may explain that change.

Dusty Fitzpatrick

The budget also extends the instant asset write-off for another year. How critical is this extension?

Bruce Billson

It's really important for a number of reasons. Right now, we need to be energising enterprise. We need to be giving more encouragement for people to turn an idea into an investment. For business owners to make that big decision to turn scarce resources into new capability, new equipment, new technology to help with the success of that enterprise and the livelihoods that depend upon it.

So having that encouragement to invest in new kit, new plant and equipment, new technology is really an important signal. It's one that was made in last year's budget, although we are just a handful of weeks away from the end of the financial year and everyone's hoping that the legislation authorising that is around, but at least it is continuing into the coming year.

But it also underlines why greater predictability about those sorts of incentives for business owners would be really useful so people can plan for and count on some sort of encouragement to invest in innovation, to invest in improve productivity, to invest in improved business capacity so that they can factor that into these forward times that are pretty challenging right now.

Dusty Fitzpatrick

So, you're hoping that the asset write-off might become, I suppose, a permanent feature?

Bruce Billson

I certainly think it needs to be. And it's a view that's expressed by many small business representative organisations. For that simple reason, Dusty, in the absence of a one-off year-by-year announcement, things go back to the normal state of affairs, which is basically a $1,000 deduction and then you have to run a depreciation arrangement either separately or through what's called an asset pooling vehicle to get that that kind of assistance through your profit and loss. That's not ideal. That is far from giving predictability and certainty where a business can plan in a sure-footed way for important investments that uplift the capacity, the productivity and drive innovation in that business.

So, having it sort of locked in as an ongoing feature and even expanding its reach. At the moment it's $20,000. A lot of your listeners will think, well, that'll get you about a third of a SUV four-door pickup truck for a tradie. It might not buy that new machine that you need in your factory. You could well extend the $20,000 out and even look at whether the $10 million turnover cap is something that could be extended as well.

Dusty Fitzpatrick

Bruce, we also saw some funding allocated for mental health support. We know the cost-of-living pressure is really affecting everyone at the moment, but particularly having an impact on small businesses.

Bruce Billson

It's really important these two measures. Now, sadly, they are a sign of the times that the economy is more challenging. And we know owning and leading a business is a big responsibility Dusty, and it's one that brings a lot of heavy decision making, a lot of reflection. And also for the business owner, often their personality, their sense of being, is interwoven into the business and its success. And then they know the people that are in the business, their livelihoods depend on it.

And we've even seen through looking at some research that about a third of small business owners operating in the greater Bathurst area have been told by a clinician that they have not only a long term health condition, but about a quarter have had been identified as having a health condition related to their emotional and mental wellness.

So that's really significant. And we look at the types of industries where that can impact, you know, in hairdressing and beauty services, automotive repairs, construction. That's what the statistics are telling us about the Bathurst small business community, which is actually a little bit older than is the case across the country. More than half are aged over 50, with only 6% under the age of 30. Now it's about 8% nationally.

But this tells us that there's pressure points and challenges and that's why extending the funding for the New Access for �Թ�� Owners coaching support line, which is designed to help business owners understand their own mental wellness, identify when they're starting to feel pressure or overwhelmed, and how to get back into a space where they can make good decisions given the big responsibility that they carry.

And then the other part of that program, Dusty, sadly, is where it all gets a lot in financial terms. And there's a �Թ�� Debt Helpline that's been extended for another year to help businesses navigate when debt is really crippling the business and there's an important discussion about how do address that debt for the business owner.

Dusty Fitzpatrick

It is an important change there, Bruce, there is so much to get through this afternoon, but we'll move on now to the procurement report. The Government's response has been released.

Bruce Billson

We were we were underwhelmed by the government's response. I mean, it's an enormous missed opportunity to meaningfully improve the opportunity for competitive small businesses and family businesses to become a supplier to the government. At a time when growth in the economy is really, really slowing, the budget foreshadowed quite an expansion in the types of things government was involving itself in and therefore opportunities for people to supply to government.

We were asked by successive governments - so this was a bipartisan request that spanned the previous government and the new government - to have a look at how those procurement rules, those purchasing rules, were operating in terms of support for small business, whether certain provisions within them are achieving their objectives and what improvements could be made.

And what we found overwhelmingly is small businesses they felt supplying to the Commonwealth was very much an ‘in crowd’ game.

For people that knew the rules, knew the way the Commonwealth operated, knew where to look to find where opportunities might be advertised, knew who to talk to when there’s specifications being developed. They were pretty okay with how they interacted with the Commonwealth.

But if you were a business that hadn't previously been a supplier to the government, this is a bewildering space. Really hard to understand how to get involved. And then under those procurement rules, Dusty, there's certain exemptions and encourage meant for Commonwealth public servants to consider Indigenous business supplies and small business supplies as part of that work. And those exemptions are really hard to navigate. Hard for the procuring officials, hard for the businesses to know how to do it.

And we thought there was an enormous opportunity to improve that small business supply possibility into the Commonwealth, particularly when governments are talking about a Future Made in Australia and there's programs like the Buy Australian Plan. We thought there was some really sensible steps that could be taken to help bring those ambitions to life. But sadly, they weren't picked up by the government and we think there's plenty of work still to be done there.

Dusty Fitzpatrick

Bruce, there’s so much to get through this afternoon, really appreciate your company on the program this afternoon.

Bruce Billson

Dusty, great to be with you and your listeners.

Dusty Fitzpatrick

Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson joining us on live and local.

TRANSCRIPT: Budget 2024-25

Emily Carter — Wed, 15 May 2024 04:33:40 +0000

TRANSCRIPT: Budget 2024-25 Emily Carter Wed, 05/15/2024 - 14:33

15 May 2024

TRANSCRIPT

Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson interview with Stephen Cenatiempo.

Radio 2CC Canberra

Subject: Budget 2024-25

Stephen Cenatiempo

One of the groups I always look at with regards to the budget and whether or not they benefit from it is small business, because if small business is going well, then Australia's going well. And sadly, small business at the moment isn't going anywhere near as well as it should. Bruce Billson is the Australian �Թ�� and Family Enterprise Ombudsman and joins us now. Bruce, good morning.

Bruce Billson

Good morning to you Steve and your listeners.

Stephen Cenatiempo

Overall, not a bad budget for small businesses, there’s a fair bit of targeted relief there.

Bruce Billson

There's a little bit in there. I don’t think small businesses will be punching the air with excitement, thinking that it's a real game changer. But the budget does offer some support for some real pain points right now, and there are many.

Your earlier callers and people texting in talking about energy relief. Well, you can imagine if you're running a cafe in Braddon and you've got fridges and cooking technology and all sorts of things going on, your energy bills have gone through the roof. So, there is some relief there. That’s $325, for not all small businesses. About a million of the two and a half million small businesses look like they're eligible for that. Different from last year, though, Stephen, where states and territory governments were matching that Commonwealth contribution. So, this looks like Commonwealth going solo. So, there's a bit of a bit of relief there.

And probably the other big areas are some help to navigate increasing regulatory imposts. A lot of businesses are sort of feeling really bound up in red tape. There's been complexity added to workplace relations. Well, there's some help there to help the Fair Work Ombudsman explain what a small business needs to do. There’s stuff like that.

What's not there, though, is what's going to shift the dial. Right now, we need people, whether they're in small business or thinking about going into small business, going ‘Yeah, I'm going to turn that idea into investment. I'm going to recruit that extra person. I'm going to invest in some technology.’

Now, the only sort of message that that matters and that's what the nation needs is the instant asset write off. That's been maintained or extended. That’s $20,000. But even in last year's budget there was some tax incentives for people investing in technology to improve productivity and innovation. That's not there.

Small businesses doesn't need only to have less headwinds in their face. They actually need some wind in their sails right now. And that's not really prominent in this budget.

Stephen Cenatiempo

And that's and that's the key there. And $325, while nobody's going to sneeze at that, it's not a great deal of money and it only applies to a million small businesses where the $300 household rebate everybody gets whether they need or not.

I do want to touch on one thing, though, particularly in the current environment, the $7.7 million over the next couple of years to extend funding for the New Access for �Թ�� Owners program by Beyondblue. That is critical.

Bruce Billson

Yeah, really important. And it sits alongside the �Թ�� Debt Helpline. Now these are important measures, really good programs, and I'm delighted that the government seen fit to extend them.

That's emotional wellbeing support. That's a coaching program for a business owner who already knows Stephen that it's a big responsibility to run a business but is overwhelmed by many of the pressures that are on them right now. The sense that their own identity is interwoven into their business and there's lots of livelihoods counting on them. That can be overwhelming and the New Access to �Թ�� Owners program supports that. Supports those people knowing more about themselves and being in the best place they can be to make those important business leadership decisions.

And the �Թ�� Debt Helpline, sadly, is a sign of the times. For many new customers aren't knocking their doors down. There's not strong profits for the small business end of town even though the budget reports more receipts from big corporate taxes and the like. Managing those debt levels are quite difficult.

And even when small business think about programs like the Future Made in Australia program, big numbers, big numbers for economy changing measures and let's hope that’s not something that businesses are going to expect on the never, never.

But little steps like the Buy Australian Plan giving businesses a better chance to get a piece of the government procurement action. We've recommended a range of measures there to even emphasise the retained economic benefit of engaging a small business or supplying the Commonwealth. And sadly, there's nothing in there either. So even where that big growth is in the Government itself, the prospects of a small or family business getting a piece of that action as a supplier, we thought that could have been really worthwhile and simple. And frankly, better use of existing resources measures to help that support the business community. But that's not there.

Stephen Cenatiempo

Yeah, and it's interesting you say that because that kind of stuff is almost zero cost, but the benefit is exponential. Bruce, always good to talk to you. Thanks for your time this morning.

Bruce Billson

Thanks Steve. Best wishes to you and your listeners.

Stephen Cenatiempo

Bruce Billson, the Australian �Թ�� and Family Enterprise Ombudsman.

Budget Brief 2024-25

Emily Carter — Tue, 14 May 2024 11:19:50 +0000

Budget Brief 2024-25 Emily Carter Tue, 05/14/2024 - 21:19

14 May 2024

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson says tonight’s federal Budget offers targeted measures to help small and family business deal with current pain points and headwinds.

“Small and family businesses facing punishing input costs that are squeezing margins will welcome the modest energy bill relief of $325,” Mr Billson said. “Every saving helps the small businesses who are doing it tough in our community.

“Matching last year’s Budget, the money will be deducted from the power bills of one million eligible small businesses as part of a cost-of-living relief package.

“Small and family businesses will be relieved by the decision to extend the instant asset write-off for a further 12 months for businesses with a turnover of up to $10 million, allowing them to deduct $20,000 for eligible assets.

“But we note the instant asset write-off measure announced in last year’s budget has still not been passed into law with just six weeks left of this financial year, creating some uncertainty for small businesses.

“This uncertainty has highlighted the benefits of greater predictability to support business planning and investment, reflected by small business groups calling for it to be made permanent.

“Particularly important is the $7.7 million over two years to extend the funding for mental health support through the New Access for �Թ�� Owners program created by Beyond Blue and $3.1 million over two years for the �Թ�� Debt Hotline delivered by Financial Counselling Australia.

“We have seen a 20 per cent increase in calls to our helplines over the past year from small businesses struggling to manage their debts. It is vitally important that small business owners take time to focus on their own mental and financial wellbeing and these free services are provided by people who understand the realities of running your own business and can offer practical help.

“Tonight’s Budget also expands the scope of existing funding for ASBFEO to support small business in a dispute with the Tax Office to include unrepresented business dealing with a broader range of business disputes, including those involving franchising, and provides funding to review the adequacy and effectiveness of dispute resolution tools available to ASBFEO’s assistance service.

“There is also $20.5 million for the Fair Work Ombudsman to help small business employers comply with the increasingly complex workplace laws and $10 million to assist smaller employers with administering the revised paid parental leave scheme.

“We welcome $8.6 million a year for key regulators to enforce mandatory codes that oblige telecommunications, banking and digital platform service providers to do more to guard against the harm caused by scams that are hurting too many small businesses.

“The budget also includes additional funding to improve the uptake of eInvoicing, the effectiveness of the payment times reporting framework and implementation of franchise reforms.

“While income tax cuts will drive demand, the budget forecasts that overall economic growth will be weaker, which will concern small and family businesses who have been doing it tough.

“Sluggish growth combined with persistently poor productivity, tight labour markets, supply chain challenges, and the lagging effects of high inflation, plus 13 interest rate rises, are taking their toll on small and family businesses.

“We need to shift the mindset from minimising headwinds to maximising the ‘wind in the sails’ of our hard-working small and family businesses.

“Some 43 per cent of small businesses were not profitable in the last full tax year. Three-quarters of self-employed people, for whom their business is their full-time livelihood, take home less than average total weekly earnings.

“It is often said that small business is the engine room of the economy. We must ensure that small and family business can fire on all cylinders – not have a cylinder taken out.

“We need to get the risk and reward balance right, ensuring small business and entrepreneurship is a really attractive option for people, then create a supportive ecosystem to give enterprising people the best chance to be successful.

The Government’s small business statement can be found at https://budget.gov.au/

MEDIA CONTACT: 0448 467 178

TRANSCRIPT: 2023-24 Federal Budget and small business

Olivia Pearce — Thu, 11 May 2023 00:50:17 +0000

TRANSCRIPT: 2023-24 Federal Budget and small business Olivia Pearce Thu, 05/11/2023 - 10:50

11 May 2023

Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson discusses the 2023-24 Federal Budget and small business with Selina Green on ABC Radio SA South East.

Selina Green

Small businesses have been put in the winners category by the ABC's federal budget coverage. So what relief will those small business operators out there be getting from the immediate pressures facing them? Things like rising freight costs, rising energy bills, staff shortages, a global slowdown in the economy.

Well, let's hear about how small businesses are set to gain. I'm joined this morning by the Australian �Թ�� and Family Enterprise Ombudsman. Bruce Billson good morning and great to catch up with you again.

Bruce Billson

Selina, fab to be with you, and a shout out to the SARDI (South Australian Research and Development Institute) crew. They do great work for your state and have some punks and peanuts do that to their research facilities is really disappointing. So our thoughts are very much with the SARDI crew that are having to navigate that annoyance.

Selina Green

Absolutely. So what do you reckon, Ombudsman? Fair to call small businesses winners overall?

Bruce Billson

Look, there's some good stuff in there. There's some some points that are really dealing with challenges that are here and now for small business, They’re the good things. There's certainly scope for doing a bit more to energise enterprise into the future and really encourage that spark within small business. But there's some quite credible measures in it for the here and now issues that many of the small, family and farming businesses of the south east are dealing with.

The energy relief is, I think, quite timely. I mean some may point to whether it's enough given the size of the the uplift in energy prices, but it's a $325 deduction on power bills and small businesses are eligible for that. Most states are matching that.

There's some encouragement there for people to look at energy efficiency measures, you know, a bonus depreciation deduction that you can reach for if you're electrifying, say, kitchen equipment or for your dairy industry, methods of heating water and all that to support production. There's some encouragement there.

The instant asset write-off. Now for your listeners that aren't familiar with that, that's where a business that's had a profitable year and has the cash to maybe buy a new ute or a new piece of farm equipment or something that'll improve their productivity, can actually deduct the value of that capital purchase from their profit and therefore reduce the profit, pay less tax. That’s an attempt to explain what an asset write-off deduction is for people that aren't jazzed about accounting and balance day adjustments and all that.

That's still there, but it's come off a a much more generous base. So previously there was a much higher level of expenditure that could be treated that way. That's come down to $20,000. So at least it's there still, but it's not as generous as it was. So they’re some of the things that stand out as pluses in the budget for small and family businesses in the south east.

Selina Green

So, I understand for the asset write-off threshold that was increased during COVID, I guess as a way to sort of give businesses a little bit of a helping hand, that's now come back to more around what it was pre-COVID.

Bruce Billson

In the normal state of affairs, the instant asset write-off is about $1000. Now during COVID, that was limitless at one stage, it was $150,000 at other stages. That measure has ended and rather than defaulting back to the normal $1000, it's now $20,000. So that's some encouragement. There's also that additional bonus for electrification and more efficient energy use. So that's quite good.

But the key thing is you need to be profitable and to have the cash to take advantage of that. And that's where some of the cost pressures that many businesses are facing means that might be delicious in theory, but maybe a little bit out of reach. But still a positive.

Thinking about that cash flow issue, though. For your listeners, for people that pay company tax and other installments to the Tax Office, they normally step up from last year. They basically say, oh, look, you made X amount of dollars, here's the tax that you paid last year. We'll break that up into four and you pay roughly that same amount each quarter in advance, sort of like prepayment of the tax that's expected. And then that's stepped up to take account of various factors, anticipated growth in the economy, inflation and things like that. Now, because it's been higher inflation, that step up, if nothing had been done, would be 12%. A lot of business would say, whoa, I don't have an extra 12% of profitability in sales in my business. Why am I paying tax as if I am at that level?

So the government said, look, that's too much to ask. They’ve dialled that back to 6%. So that should be a cash flow benefit for many of the small and family and farming businesses in the region.

Selina Green

Good to hear. I’m speaking with Bruce Billson this morning, who is the Australian �Թ�� and Family Enterprise Ombudsman, and we're talking about what was in this week's federal budget for those running a small business. Speaking of tax, I understand there has been a little bit of breathing room for those small businesses that are a bit behind on their tax bill as well.

Bruce Billson

Where there's more flex if a small business needs to adjust their tax return. And the key thing for all of your listeners, always stay in touch with the Tax Office, always keep your reporting and your installments up to date. If you're having trouble paying them, talk to the Tax Office about that. But don't not put anything in. Don't go to ground. Don't pop their head in the sand.

Sometimes people will put in a tax return in that, you know, when they when the dust settles, it might not be right. And there was a limitation for how far you could go back in amended your tax returns. So that's been changed. That used to be two years Selina and now that's four.

But something to watch out for. In the budget there are extra resources for the Tax Office to, well frankly, go a little harder to make sure people are paying their tax bills. And, you know, we all want to have people doing the right thing. Good business pays. They pay their tax, they pay their staff properly. They pay their suppliers in a timely way.

That, though, is something that people will note, that there's an uplift in revenue that the government anticipates, and they're achieving that by providing more funding to the Tax Office to increase their compliance efforts.

There's also a couple of little tidy ups around tax administration and some internal review options. So if you are not happy with where the ATO lands, you can you can ask them internally to have a second look at it.

You're not sure that's quite for you? You can come to us at the Australian �Թ�� and Family Enterprise Ombudsman's office and we offer a tax concierge service where we get alongside small and family businesses that are maybe having an arm wrestle with the behemoth that is the Tax Office and need a little bit of help navigating that.

Selina Green

Ombudsman, always great to catch up with you. A bit to unpack there. Thanks so much for your time this morning.

Bruce Billson

Thank you Selina. Fab to be with you.

Selina Green

Bruce Billson there, who is the Australian �Թ�� and Family Enterprise Ombudsman. A good port of call if you're running a small business and you need a little bit of a hand navigating some of the minefields that pop up for those running a small business.

Ombudsman spells out what the Budget got right and wrong for small business

Olivia Pearce — Wed, 10 May 2023 23:46:50 +0000

Ombudsman spells out what the Budget got right and wrong for small business Olivia Pearce Thu, 05/11/2023 - 09:46

10 May 2023

First published on Kochie’s Business Builders, 10 May 2023.

The Budget handed down on Tuesday night will help small businesses deal with some of the contemporary challenges they face as they prepare for a forecast lower rate of economic growth and continued pressures on their businesses.

There’s no mistaking that it is tough going for the entrepreneurial women and men who take on the task of running a small business or being self-employed.

The budget provides support to tackle some immediate pressures, particularly with high energy input costs, an asset write-off boost to help re-equip and invest in productivity, tax administration changes that will help with vital cash flow challenges and much needed advice to deal with cyber security fears.

Energising enterprise can deliver a stronger economy and these measures are a step towards delivering that.

Electricity bills are one of the growing pressure points but they should be lower than they would otherwise be through the announcement to have power companies deduct $325 from the power bills of one million eligible small businesses as part of the Australian Government’s cost of living relief package.

The benefit will depend where small businesses are located and how much electricity they use. In most states the benefit will be doubled to $650 by a matching state contribution but disappointingly there is no extra assistance for small businesses in Victoria.

As flagged by the Government before Budget day, there’s also a tax incentive worth up to $20,000 to provide an additional 20% depreciation for eligible assets that support electrification and more efficient use of energy by small businesses.

The Budget provides a temporary increase in the instant asset write-off threshold to $20,000 on a per asset basis for 12 months from 1 July for eligible small businesses with a turnover up to $10 million.

The previous arrangement providing a write-off of up to $150,000 with a turnover threshold of $500 million, introduced during the COVID pandemic in support of business adapting and transforming to whether the storm, was expiring on 30 June and would have reverted to a $1000 write-off from 1 July.

You can expect to see a rush of advertising – and perhaps even some good deals - aimed at small businesses before 30 June to take advantage of the higher rate.

The recent spate of high-profile cyber attacks has drawn attention to the vulnerabilities that many business owners feel and sadly we know that vast numbers of small and family businesses every year are being compromised and, in some cases, profoundly damaged by a range of scams and cyber attacks which can devastate their business.

The Australian Cyber Security Centre estimates there is an attack on a business every seven minutes and, on average, the cost to a small business is at least $39,000.

The Budget provides $23.4 million over three years for the cyber wardens program delivered by the Council of �Թ�� Organisations Australia to support small businesses to build in-house capability to protect against cyber threats. Some 15,000 small businesses will benefit from the expansion of this program which is a constructive step in a strategy that needs to be deeper and wider to support preparedness, resilience, response and recovery.

I also encourage small businesses to visit www.asbfeo.gov.au/resources-tools-centre/cyber-security for helpful guides on how to stay secure online and practice good cyber hygiene habits and a cyber security checklist.

Some of the tax changes in the budget should help assist cash flow, notably the move to reduce the PAYG and GST uplift on quarterly payments from 12% to 6% for 2023-24 income year.

There’s also extra funding for the Tax Office for modest tax administration improvements which hopefully can reduce the time small business owners spend doing their tax. This includes extending the period to amend their income tax returns from two to four years, permitting their tax agent to lodge multiple Single Touch Payroll forms on their behalf and, importantly, getting tax refunds faster by the ATO reducing the use of cheques.

The ATO is also getting more funding to improve its review process for small businesses who are unhappy with their tax assessment with an 18-month trial to begin in July 2024 and to provide five new tax clinics from January 2025 to improve access to tax advice and assistance.

The Tax Office has extraordinary powers and we remain concerned about this being exercised in a proportionate way given the muscled-up approach to recouping long-term debts that small businesses may not even be aware exist.

I remind small businesses that we offer a low-cost pathway to resolve disputes through our Tax Concierge Service www.asbfeo.gov.au/disputes-assistance/tax-concierge-service which allows small and family businesses that object to an assessment from the ATO to get an independent reality check. And if their case has got some legs, we’ll assists its onboarding into the Administrative Appeals Tribunal and help navigate that process.

A good business pays. It pays its suppliers and customers, its staff and its tax obligations on time, but it also deserves a fair go.

Time-poor small businesses also need more support to understand Australia’s workplace relations rules which are complex, onerous and difficult for small businesses to navigate. Small business employers are still grappling with the significant and unsynchronised changes to workplace rules that were legislated in 2022, including regarding sexual harassment, domestic and family violence leave, requests for flexible work arrangements and multi-employer bargaining. As the government intends to make further changes to wage non-compliance, casual employment and ‘employee-like’ arrangements, we are concerned about cuts to the Fair Work Ombudsman as it is vital it is properly resourced and focused to provide education, support and guidance to small business employers.

We recently launched an inquiry into Commonwealth procurement so will be particularly interested to see how the Department of Finance will use the $18.1 million it received in the Budget to improve the ability for SMEs to compete for government procurement, including improving AusTender to increase transparency and establish a supplier portal for panels.

Startups are the focus of an announcement to spend $392.4 million over four years to establish the Industry Growth Program to support Australian SMEs and startups to commercialise their ideas and grow their operations. This is welcome but it’s supported by funds redirected from the Entrepreneurs’ Program.

It was disappointing to see a reduction in support for the underpromoted Self-Employment Assistance �Թ�� Coaching program and the Entrepreneurship Facilitators Program. These programs have low awareness and can help with the success and durability of many of the 1.6 million Australians who derive their livelihoods from self-employment and make a vital contribution to the economy.

Small business is a dynamic and fast-growing sector that allows people with an entrepreneurial spirit to pursue their dreams.

Giving energy to this enterprise will help increase the $438 billion contribution small business makes to the economy.

Don’t forget, small businesses have a proven track record of lifting our nation. Remember, coming out of the global financial crisis, almost 60% of the new jobs were created by small employers even though the sector only accounted for 40% of the workforce.

2023-24 BUDGET HELPS SMALL BUSINESS WITH CONTEMPORARY CHALLENGES

Olivia Pearce — Mon, 08 May 2023 04:02:00 +0000

2023-24 BUDGET HELPS SMALL BUSINESS WITH CONTEMPORARY CHALLENGES Olivia Pearce Mon, 05/08/2023 - 14:02

09 May 2023

Read Bruce's 2023-24 Budget Brief

Read the May 2023-24 Budget Snapshot for �Թ��

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson says tonight’s Budget helps small businesses with contemporary challenges.

“There is support for small and family businesses to tackle immediate pressures, particularly with high energy input costs, an asset write-off boost to help re-equip and invest in productivity, tax administration changes that will help with vital cash flow challenges and much needed advice to deal with cyber security fears,” Mr Billson said.

“Energising enterprise can deliver a stronger economy and these measures are a step towards delivering that.”

The Budget includes:

$325 to be deducted from the power bills of one million eligible small businesses as part of cost-of-living relief package, with additional relief in some states.
A temporary increase in the instant asset write-off threshold to $20,000 on a per asset basis for 12 months from 1 July for eligible small businesses.
A tax incentive worth up to $20,000 to provide an additional 20% depreciation for eligible assets that support electrification and more efficient use of energy.
$23.4 million over three years for the cyber wardens program delivered by the Council of �Թ�� Organisations Australia to support small businesses to build in-house capability to protect against cyber threats.
Reducing the PAYG and GST uplift from 12% to 6% for 2023-24 income year, to assist cash flow.
Extra funding for the Tax Office for modest tax administration improvements such as expanded assistance and internal review options and extending the period for small businesses to amend their income tax returns from two to four years.
$18.1 million for the Department of Finance to improve ability for SMEs to compete for government procurement, including improving AusTender to increase transparency and establish a supplier portal for panels.
Support for small enterprises to adopt artificial intelligence technologies to improve business processes and increase competitiveness.
$392.4 million over four years to establish the Industry Growth Program to support Australian SMEs and startups to commercialise their ideas and grow their operations with funds redirected from the Entrepreneurs’ Program.
The ACCC establishing a complaints mechanism for small business advocacy groups to raise systemic issues.

It is disappointing to see a reduction in support for the underpromoted Self-Employment Assistance �Թ�� Coaching program and the Entrepreneurship Facilitators Program. These programs have low awareness and can help with the success and durability of many of the 1.6 million Australians who derive their livelihoods from self-employment and make a vital contribution to the economy.

MEDIA CONTACT: 0448 467 178

Budget support for Australian small and family businesses

Olivia Pearce — Tue, 29 Mar 2022 11:32:45 +0000

Budget support for Australian small and family businesses Olivia Pearce Tue, 03/29/2022 - 22:32

29 March 2022

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson says the Australian Government’s 2022/23 Budget offers welcomed targeted support to Australian small and family businesses.

The Budget includes several new, extended and enhanced measures to support the central role of small and family businesses in driving employment and economic growth:

New tax deductions – Technology Investment Boost and Skills and Training Boost
Tax system reform and administrative streamlining for small businesses
Targeted assistance for recovery impaired industries
$365 million to support an extra 35,000 new apprentices and trainees
Temporary fuel excise relief
Changes to procurement guidelines to support SMEs securing Commonwealth contracts
$480 million to significantly upgrade NBN fixed wireless services
$10.4 million to redesign the Payment Times Reporting Portal and Register to improve efficiency and reporting
$8 million allocated to ASBFEO to work with proven service providers to enhance small business capability
$5.6 million to establish a dedicated unit to support small businesses at the Fair Work Commission
$4.6 million to support Beyond Blue’s New Access for �Թ�� Owners program
$2.1 million to extend the �Թ�� Debt Helpline program
Data collection and reporting
Further insolvency reforms

“Tonight’s budget represents a financial and strategic commitment to ensuring small and family businesses are digitally enabled, resilient and have the support, incentives, skills and training needed to be truly competitive,” Mr Billson says

Technology Investment Boost

Small businesses with annual turnover of less than $50 million will have access to a 20% tax deduction for expenses and depreciating assets associated with digital uptake. This is capped at $100,000 in expenditure.

“This is another incentive for small and family businesses to go digital and invest in items such as cyber security systems, cloud-based service, accounting or e-invoicing software,” Mr Billson says.

“Hardware such as laptops and portable payment devices would also be eligible.

“Deeper digital engagement has been the saviour for many small and family businesses throughout the pandemic and this commitment to help SMEs build their digital capacity is an important investment in their future.”

Skills and Training Boost

Small businesses with annual turnover of less than $50 million will have access to a 20% tax deduction for the cost of external training courses delivered to their employees by providers registered in Australia.

“The cost of training staff can be significant, and this tax deduction will support small and family business owners investing in upskilling staff to drive productivity and competitiveness,” Mr Billson says.

Tax

Changes to PAYG tax and a commitment to reducing associated red tape will offer some cash flow support to small and family businesses.

Under the changes proposed, the 10% GDP uplift rate that applies to PAYG and GST instalments will be reduced to 2% for the 2022-23 financial year, subject to the legislation being passed in parliament.

“This measure would free up some cash flow for the collective kitty of small and family businesses, by reducing the tax burden on them,” Mr Billson says.

“Small and family businesses are however advised to keep abreast of their tax obligations as they would need to pay any extra tax owed at the end of the financial year, if their business earnings exceed what is calculated quarterly.

“We welcome the government’s proposed update of the PAYG system from early 2024 to allow for PAYG to be calculated in real time, based on the how the business is tracking financially.

“These proposed changed would provide an automatic refund of tax paid in the year if a company with PAYG instalment obligations reports a substantially lesser profit than anticipated or indeed a loss.”

The government has also proposed broader measures to utilise technology to help reduce compliance costs and improve processing times for small and family businesses.

Links between Single Touch Payroll data from the ATO and state governments means tax returns and other forms can be pre-filled – a change the government estimates will benefit about 170,000 businesses that pay payroll tax.

COVID recovery support

The Australian Government has pledged $146 million to support the recovery of the Australian tourism sector in response to the pandemic impact, including further assistance for travel agents.

An additional $38 million will be allocated to the arts sector, including independent cinemas, to assist with its recovery.

$80 million will go to supporting small and medium export businesses to help re-establish their businesses in overseas markets.

“We’ve heard first-hand from small and family businesses that have had their COVID recovery impaired by closed borders, restriction of movement and disruptions to international supply chains and these measures will be welcomed,” Mr Billson says.

New apprentices

The Boosting Apprenticeship Commencement wage subsidy, which provides employers with 12 months of wage subsidy support, has been extended by three months to 30 June 2022.

“This is an effective incentive for SMEs to continue their commitment to taking on new apprentices,” Mr Billson says.

“The cost of apprentices can be significant as they learn the ropes, so small and family businesses will welcome this wage subsidy extension.”

Fuel excise

The budget provides for halving the excise on petrol and diesel from 44 cents per litre to 22 cents per litre for six months.

“This will go some way towards easing this key input cost, particularly for those in the transport sector,” Mr Billson says.

“These savings at the pump are expected to flow through to service stations in the coming weeks with the ACCC ensuring those savings flow through.”

SME procurement

New procurement rules will make it easier for SMEs to secure Commonwealth contracts.

Under the proposed changes, government departments will be required to split up major projects, to give smaller contractors a greater chance at competing for the work.

There will also be more opportunities for SMEs in the defence arena, with the department permitted to purchase directly from SMEs or use tenders limited to SMEs, for contracts worth up to $500,000.

“SMEs are now securing about a quarter of Commonwealth Government contracts and should be getting a larger slice of the pie,” Mr Billson says.

“Unbundling procurement contracts into more manageable components will level the playing field and enabling small businesses to be better places to contest and win that work.

“The extension of the government’s pay-on-time policy to all suppliers through the supply chain and changes to insurance requirements should support small business procurement participation.”

Improved Connectivity

Small and family businesses in rural, regional and peri-urban areas will benefit from a substantial upgrade to NBN fixed wireless services.

$480 million has been allocated to extend the coverage range from towers and increase the speed of services to customers. $4.8 million will go towards extending the Mobile Network Hardening Program to support network resilience upgrades in regional Australia.

“For small and family businesses, particularly those outside our capital cities, connection to their customers is key to their success and resilience,” Mr Billson says.

“This expansion and improvement to essential internet services will encourage more digital engagement from the small business community, which we know translates to revenue growth.”

Payment Times Reporting Portal and Register

$10.4 million to enhance and redesign the Payment Times Reporting Portal and Register to provide greater transparency about payment times.

Access to expert advice

The Australian �Թ�� and Family Enterprise Ombudsman will receive $8 million to work with proven service providers to offer business planning, capacity building and financial literacy.

Fair Work Commission

A dedicated unit will be created in the Fair Work Commission to support small businesses including with unfair dismissal and general protections disputes.

This $5.6 million measure will help small and family businesses navigate their workplace relations responsibilities and dealings with the commission.

“Most small businesses do not have dedicated HR managers or expertise,” Mr Billson says.

“This will provide much-needed support to small businesses who need faster resolutions and reduced costs and complexity in this space.”

New Access for �Թ�� Owners

The Australian Government has renewed funding for a critical mental health program tailored to small business owners.

An additional $4.6 million in funding will ensure Beyond Blue’s New Access for �Թ�� Owners program can expand and continue to assist small business owners who need mental health support.

“Beyond Blue’s successful New Access for �Թ�� Owners program will continue to offer free one-on-one telehealth sessions with specially trained mental health coaches providing evidence-based advice on strategies for managing stress,” Mr Billson says.

“The additional funding will allow Beyond Blue to provide an extra six coaches to meet the needs of our small business community.

“Small business owners who look after their mental health, can also help their business. With this renewed funding in place, help is available to small business owners who need it.”

�Թ�� Debt Helpline

$2.1 million has also been allocated to extend the �Թ�� Debt Helpline for 2022.

“This financial counselling support is welcome, particularly for small business owners who have loans secured against the family home and are uncertain about their future,” Mr Billson says.

Data collection and reporting

The Australian Bureau of Statistics will receive $19.9 million to develop a new reporting application to enable businesses to submit survey business indicators directly through their accounting software.

“Streamlining of data gathering will ease reporting obligations on small businesses and improve the quality of data which provides valuable insights into the small business experience,” Mr Billson says.

A number of administrative improvements will streamline and integrate reporting obligations relating to Taxable Payments Reporting Systems data, benefiting around 190,000 businesses and the digital lodgement of trust income tax returns will benefit around 30,000 trusts that still use paper returns.

Fees

Fees associated with Australia’s Business Registers will be streamlined, including the removal of the company annual late review fee.

Insolvency reforms

A series of further reforms to insolvency arrangements are funded in the Budget, including $22 million to address unfair preference payment rules, $7 million to clarify the treatment of trusts with corporate trustees and just under $1 million to implement recommendations from the Safe Harbour Review.

2022-23 Budget ASBFEO Newsletter

2022-23 Budget �Թ�� Snapshot

Media contact: Donna Acioli 0448 467 178

Ombudsman welcomes cash flow boost, red tape reduction

Donna Acioli — Wed, 23 Mar 2022 06:31:49 +0000

Ombudsman welcomes cash flow boost, red tape reduction Donna Acioli Wed, 03/23/2022 - 17:31

23 March 2022

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson has welcomed today’s Federal Government pre-Budget announcement providing a cash flow support to small and family businesses through changes to PAYG tax and commitment to reducing red tape.

Under the proposed changes, the 10% GDP uplift rate that applies to PAYG and GST instalments will be reduced to 2% for the 2022-23 financial year, subject to the legislation being passed in parliament.

“This measure would free up some cash flow for the collective kitty of small and family businesses, by reducing the tax burden on them,” Mr Billson says.

“We welcome the government’s proposed update of the PAYG system from early 2024 to allow for PAYG to be calculated in real time, based on the how the business is tracking financially.

Today’s pre-Budget announcement also included broader measures to utilise technology to help reduce compliance costs and improve processing times for small and family businesses.

Similar technology will be used to pre-fill annual tax returns using BAS for contractors who use the taxable payments reporting system. The government states this will benefit up to 190,000 businesses.

“Reducing red tape allows small and family businesses to get on with what they do best – growing their business,” Mr Billson says.

“Ultimately, we welcome any measure that supports small and family businesses in driving jobs growth, particularly during this national recovery phase.

“Moves to remove unnecessary headwinds are helping make Australia the best place to start, grow and transform a business.

“We look forward to seeing further detail on these small and family business measures and more in the Budget next week.”

Budget paves way for small business-led national economic recovery

admin — Fri, 10 Dec 2021 03:43:58 +0000

Budget paves way for small business-led national economic recovery admin Fri, 12/10/2021 - 14:43

11 May 2021

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson says the Federal Government’s 2021 Budget is a clear acknowledgement that small and family businesses are central to the nation’s economic recovery and future prosperity.

The Budget includes several new, extended and enhanced measures to support small businesses including:

$129.8 million to encourage entrepreneurship through the New Enterprise Incentive Scheme (NEIS) and Entrepreneurship Facilitators Program
$1.2 billion investment in the digital economy
$10 billion guarantee of reinsurance pool to cover cyclone and flood damage across Northern Australia
$506 million extension of federal government’s JobTrainer program
$10 million over four years on small business deregulation agenda
$11 million over three years for national recognition of occupation licences
Tax system reform for small business
Targeted support for small businesses impacted by Covid
$4.3 million to establish the Mandatory Franchise Disclosure Registry
$2.6 million to improve access and awareness of Commonwealth procurement opportunities

“Tonight’s budget represents a substantial financial and strategic commitment to making Australia the best place to start, grow and transform a business,” Mr Billson says.

“These measures will support small and family businesses as they help lead our national economic recovery and play a critical role in securing our future prosperity.”

Encouraging Entrepreneurship:

The Federal Government will spend $129.8 million on consolidating and expanding small business and entrepreneurial services to support people who want to start, run and grow their own business.

“This initiative will help put the wind in the sails of fledgling small businesses and encourage the Australian entrepreneurial spirit,” Mr Billson says.

“The number of New Enterprise Incentive Scheme (NEIS) places will lift from 8,600 to 12,000 per year for people looking to create their own start-up livelihoods.

“It will also support existing micro-businesses to adjust to changing labour market conditions to ensure these businesses remain viable and resilient to changes in the face of turbulent trading conditions.”

Digital Economy Strategy:

The Federal Government has pledged $1.2 billion towards enhancing the digital economy, including a 30% tax offset for the video game industry.

“This $1.2 billion investment will encourage greater digital adoption by small and family businesses, to ensure they are globally competitive,” Mr Billson says.

“We welcome the Australian government’s commitment to help SMEs build their digital capacity and drive business up-take of e-invoicing.

“With 1.2 billion invoices exchanged in Australia every year, making the switch to e-invoicing would add an estimated $28 billion to the Australian economy over 10 years. For SMEs, we know e-invoicing streamlines productivity and improves cash flow with reduced admin and faster payments.”

“$12.7 million will be spent on expanding the Australian �Թ�� Advisory Service Digital Solutions program to reach as many as 17,000 small businesses.”

Mr Billson particularly welcomed the support provided to the Australian video game industry, which is comprised of many high growth potential small businesses and start-ups.

“My office has been a vocal supporter of the Interactive Games and Entertainment Association (IGEA) which estimates Australia could create a $1 billion industry in game development, providing export revenue and employing an additional 10,000 full time workers with the right support,” Mr Billson says.

“This 30% tax offset is an excellent support measure to help Australian video game producers take a greater share of the $250 billion global game development market.”

Insurance:

Mr Billson welcomed plans for a reinsurance pool to be backed by a $10 billion Australian Government guarantee to cover cyclone and flood damage across Northern Australia from July 1, 2022.

He says the scheme, which is broadly in line with a recommendation in ASBFEO’s Insurance Inquiry, will make a significant difference.

“This is certainly a welcome step in the right direction when it comes to ensuring essential insurance coverage is accessible to small businesses,” Mr Billson says.

“Our Insurance Inquiry revealed that too many small businesses have been crippled by rising insurance costs and some can’t get it at all.

“A reinsurance pool will go some way to addressing this key barrier for small businesses in Northern Australia.”

Mr Billson says he also recognises barriers still exist for SME insurance coverage in other parts of Australia.

“In the course of our Insurance Inquiry, we spoke to over 800 small businesses – about 12% of those were from Northern Australia,” Mr Billson says.

“That means there are still many small businesses out there experiencing difficulties with accessing necessary and affordable insurance coverage.

“My office is ready and willing to work collaboratively with the government, relevant agencies and the insurance industry towards making essential insurance products affordable and accessible for small businesses across the country.”

JobTrainer:

The JobTrainer program will be extended for another 12 months, as part of a $506 million package to support SMEs to employ apprentices and trainees with a 50% wage subsidy of up to $28,000 per year.

“JobTrainer has proven to be a highly effective incentive for SMEs to take on new apprentices and trainees,” Mr Billson says.

“The cost of apprentices and trainees can be significant as they learn the ropes, so small businesses will welcome the extension of this wage subsidy.

“JobTrainer will also offer thousands of young Australians low-fee or free courses – critically in fields where small businesses are struggling to find staff.”

Deregulation Agenda:

The Federal Government will spend $134 million over four years on its deregulation agenda, including investing in regulatory technology (regtech) to support smaller employers comply with modern awards, provide data on pay and conditions and help with accuracy in payroll software.

“Small business owners are hard-working, time-poor and don’t have the systems or resources needed to deal with onerous compliance requirements,” Mr Billson says.

“Research shows a small business hiring its first worker can spend up to 18 hours getting their head around awards, pay rates, tax, OH&S and record-keeping obligations.

“This government investment in ‘regtech’ is a positive step towards making it easier for small businesses to pay wages and entitlements correctly and on time, recognising how much they value their team.”

$11 million will be invested in the implementation of automatic mutual recognition of occupation licences across states and territories.

“This will help small business tradespeople who want to meet the demand for their skills in different areas of the country,” Mr Billson says.

Tax system reform:

Small businesses in dispute with the ATO will get a fairer go, under new rules proposed in tonight’s budget.

Mr Billson welcomed the pledge to give the Administrative Appeals Tribunal (AAT) greater powers to pause or change debt recovery actions applying to a small business in dispute with the ATO.

“Small businesses disputing an ATO debt in the AAT will get a fairer go by stopping the ATO from relentlessly pushing on with debt recovery actions against a small business, while the case is being heard,” Mr Billson says.

“I commend the government which has acted quickly to implement a key recommendation in our recently released report: A tax system that works for small business which will allow small businesses to pause ATO debt recovery actions until their case is resolved by the AAT.

“Currently, small businesses are only able to pause or modify ATO debt recovery actions through the court system. This can be prohibitively expensive and time consuming for a small business.

“Under the proposed changes, small businesses can save thousands of dollars in legal fees, not to mention up to two months waiting for a ruling.

“In line with our recommendation, the AAT will be able to pause or modify ATO debt recovery actions, such as garnishee notices, interest charges and other penalties until the dispute is resolved.

“It means that rather than spending time and money fighting in court, small business owners can get on with what they do best – running and growing their business.”

Small business tax rate:

The small business company tax rate will reduce from 27.5% to 26% in 2020/2021 income year and 25% in the 2021/22 income year.

Employee Share Scheme:

The Government will help Australian businesses to attract and retain staff by removing cessation of employment as a taxing point for the tax-deferred Employee Share Scheme (ESS) and reducing red tape for ESS.

Instant Asset Write-Off:

Small businesses can continue to write-off the full value of assets purchased until 2023.

“This one year extension of the uncapped instant asset write-off is a big win for small businesses,” Mr Billson says.

“It gives small businesses more time and certainty to plan and buy major equipment. It significantly reduces the need for depreciation and cuts red tape.”

Loss Carry Back:

“The loss carry back provision will also be extended to June 2023,” Mr Billson says.

“This is a tax initiative that effectively allows a small business to carry back tax losses from 2022/23 income year to offset previously taxed profits as far back as 2018/19, to support business recovery.”

Targeted support:

For small businesses in sectors that continue to struggle as a result of Covid, the Australian Government has announced targeted support for the aviation, tourism and arts industries.

This includes funding of $1.2 billion over four years for measures such as subsidising the cost of airfares to tourism regions.

$162 million has also been allocated to the arts sector to support events, productions and the film and television sector.

Payment times:

The Government is committing an additional $16 million to ensure effective implementation of the Payment Times Reporting Scheme, which has been in effect since 1 January, 2021.

“This reporting framework requires big business to be upfront and honest about the time it takes to pay their small business suppliers,” Mr Billson says.

“Cash flow is king for small business and we know that if small businesses are paid on time, the whole economy benefits. AlphaBeta estimates if large businesses pay small businesses in 30 days, the net benefit to the economy is $313 million per year.”

Mandatory Franchise Disclosure Registry:

A Franchise Disclosure Registry is set to be established at a cost of $4.3 million. The registry will require franchisors to lodge disclosure documentation about their franchise annually.

“This is about improving transparency of franchise operations and providing prospective franchisees with vital information they need before entering into a franchise agreement,” Mr Billson says.

“My office has advocated for the implementation of this registry as a key component of effective due diligence all prospective franchisees should undertake before entering into a franchise agreement.”

SME procurement:

The Australian Government will provide $2.6 million over 4 years to support and strengthen SME participation in procurement, including mapping common pain points for SMEs.

Budget Snapshot

Labor’s Startup Year pitch aims to support innovative entrepreneurs

admin — Fri, 10 Dec 2021 03:39:43 +0000

Labor’s Startup Year pitch aims to support innovative entrepreneurs admin Fri, 12/10/2021 - 14:39

14 May 2021

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson says the Startup Year initiative proposed in Labor’s budget reply could contribute to Australia having a world-class ecosystem for entrepreneurship.

Labor Leader Anthony Albanese’s budget response included a pitch for Startup Year, a program helping up to 2,000 of the nation’s most promising entrepreneurs commercialise their ideas and university research.

Under the proposal, students would have access to loans of up to $11,300 through the HELP system to cover costs while participating in an accredited accelerator program.

Mr Billson says the initiative is an interesting proposal and is looking forward to learning more about it.

“The Startup Year program is a useful and constructive proposal about how we might ensure Australia has a world-leading ecosystem to support entrepreneurship,” Mr Billson says.

“I look forward to learning more about the approach over the coming weeks and working collaboratively to ensure small business are a key focus in Labor’s economic plan.

“We all share the ambition of Australia being the best place to start, grow and transform a business and what this means for our economic prosperity and livelihoods.”