iscover COSBOA launches ‘fair go’ campaign against tax changes
BusinessThe small business body is urging small businesses to share their voices on the proposed CGT and trust tax changes in a new campaign designed to make local Federal MPs and senators listen.
The Council of Small Business Organisations Australia (COSBOA) has called on small businesses to tell their stories and make their voices heard in the debate around the proposed CGT and trust taxation changes through its Fair Go website campaign.
“We want decision-makers to understand the real-world implications of these proposed changes and ensure the voice of small business is heard,” said Skye Cappuccio, chief executive of COSBOA.
According to the Fair Go website, 179,044 growing businesses are the most exposed to change, with over 2.5 million businesses running on thin margins, and 350,000 family-run businesses facing reduced flexibility.
“Small businesses employ more than five million Australians, contribute more than $500 billion to the national economy each year and make up more than 97 per cent of all Australian businesses,” Cappuccio said.
The campaign website said that by sharing firsthand experiences, business owners can “help decision-makers understand the value local businesses bring to our communities".
“Let your voice be heard and make an impact … Your story can help create a fair go for businesses across Australia,” the website reads.
Through this campaign, the council collects stories from small business owners sharing how proposed tax changes could impact their business, families, employees, and future plans; while providing a platform for small business owners to send a letter to their local MP and Senators.
“Small business owners need confidence and certainty to make decisions that support their businesses, employees, and local communities,” Cappuccio said.
Cappuccio stressed the importance that policymakers hear from the small business community about how the changes could impact investment, succession planning, retirement planning, and long-term business sustainability.
“Small businesses are already navigating rising costs, tighter margins and ongoing economic uncertainty … Many business owners are highly concerned about the impact proposed changes to CGT and trust taxation could have on their ability to invest, grow and plan for the future.”
“Before any changes are implemented, it’s important that policymakers hear directly from the people who could be affected.”
All stories that small businesses present would help to paint a clearer picture of the practical impact the proposals could have on Australia’s small business community, Cappuccio added.
Recently, the profession saw the establishment of an e-petition on the Parliament of Australia’s website calling for the reversal of CGT and trust tax changes, expressing fears about the impacts of the trust tax on bucket companies, and emphasising the importance of better tax certainty for small businesses.
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Carlos Tse
Carlos Tse is a graduate journalist writing for Accountants Daily, HR Leader, Lawyers Weekly.