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Claims denied

CLAIMS that small business prices under the New Tax System will rise by 10 per cent or more are unfounded, says Australian Competition and Consumer Commission chairman Allan Fels.

“The vast majority of prices will not rise by 10 per cent. Some will fall and others will remain the same,” Professor Fels said.

“In particular, where tax increases are being experienced, they will often be offset by the tax falls – for example on the price of inputs – with the result that rises of far less than 10 per cent will occur.

“The Yellow Pages survey of small business indicates apprehension and some confusion about the tax changes in some sectors.

“Some 43 per cent nationally said they felt the GST would increase their prices by 10 per cent or more but the Yellow Pages’ own research indicates that many were “unaware of how the GST would impact on their prices”.

“The claims expressed are, in the main, the result of a lack awareness and information about the tax changes,” he said.

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