Is Kelly O'Dwyer letting down small business?

Small business must be very disappointed by the performance of the Minister of Small Business.
Put simply, the Labor Party have a far better policy on superannuation and franchising. These are key small business issues.

Australia has highest percent of franchises per population in the world and Superannuation is one of the only protections small business has.

It appears that O’Dywer has failed in superannuation on many issues:

1. Reducing deductible contributions, thereby diminishing super as a saving to retirement.
2. Retrospective legislation in allowing 500,000 contribution life limit backdating to 2007.
3. Taxing transactions to retirement pensions which only benefits the government.

As well, she has formulated a substandard franchising policy in that she is expecting franchisors to pay wages of employees working for franchisees, if they are underpaid. It’s foolish and the Labor party understands that if anyone short pays a worker then it’s up to their employer to fix the problem and be fined.

Both parties, however, have tax cuts for this sector which is good to see. As a result, Labor scores three points to Liberals’ one point for small business policy.

Kelly O’Dywer appears to have taken the coalition supporters for granted in producing substandard policy. If she hasn’t a job on 2nd July she can blame a lack of consultation.

Terry Murphy CPA BBus DFP, Director of TaxAssist Accountants

 

Date published 27 Jun 2016

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