Business likes lower costs, but budget not bold enough

The budget will reduce compliance costs and make it more efficient to do business, but was also criticised for not going far enough on tax cuts or helping exporters.

Business-focused initiatives in the budget included a new business reporting system, allowing PAYE payment once a month not twice, raising the filing threshold for fringe benefit tax, a higher threshold for GST registration, and cutting compliance costs on operations in Australia.

A lot of the areas had been bugbears for small businesses for years, said Ernst & Young director Alan Judge.

"I think what it will do is allow them to redirect resources into actively managing the business and generating earnings, rather than dealing with compliance costs," Mr Judge said.

A lot of small businesses were in partnerships, not incorporated, and would benefit from the personal income tax cuts.



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