News

Bundy businesses 'forgotten'

Bundy Homes' Michael Randall is disappointed with the Federal Budget.
Bundy Homes' Michael Randall is disappointed with the Federal Budget. Scottie Simmonds

BUNDABERG small business owners say they have been forgotten in this week's Federal Budget, which has left them no better off.

Bundaberg Chamber of Commerce president Dion Taylor said with the promised 1% company tax cut failing to eventuate, minimal changes for small businesses were not substantial enough to make a difference to their day-to-day operations.

"In general the minimal changes (to the budget) for small businesses will do little to affect their bottom line," Mr Taylor said.

"Tax cuts would have improved the employment in the region and a business break would have done more to help stimulate the economy than the family tax benefits.

"It would have been nice to see more immediate help for those businesses still recovering."

Yale Morgan, general manager of Bundaberg company Better Business Group Australia, agreed cuts would do little in the short term.

"The assets write-off increase from $5000 to $6500 is a nice idea, but in theory it will take 13 to 18 months to see the benefits," he said.

"And it only applies to propriety limited companies, not sole traders, trusts or partnerships, which make up the majority of small business."

The carry-back scheme has also been adjusted to encourage business to invest and be innovative.

In 2012-13, companies will be able to carry back tax losses and get a refund against tax previously paid, providing a tax benefit of up to $300,000 per year.

But Bundy Homes director Michael Randall said the change provided no reward for the majority working hard to make a profit.

"There's no incentive for small businesses to succeed," he said.

"It won't encourage businesses to be innovative because we are all doing it tough. No one is taking unnecessary risks."

Mr Randall said with the carbon tax also looming, business would become a lot more challenging and the budget had done nothing to soften that impending blow.

Member for Hinkler Paul Neville agreed.

"Right now, small business is crying out for certainty, but there's absolutely nothing in this budget to instil certainty or confidence for consumers or small businesses," he said.

"In fact, life is about to get a whole lot more uncertain for small businesses.

"The carbon tax will go up to $29 a tonne in just three years, hurting every sector of the Australian economy - destroying industries and costing jobs."

Topics:  bundaberg economy federal budget 2012 finance politics small business



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