Red tape cuts for small business

The Chamber of Commerce and Industry WA has applauded initiatives introduced by the federal government to cut red tape for small business.

The government has announced that, from July 2016, startups will be able to immediately deduct costs associated with starting a business, rather than writing them off over five years, and will streamline business registration by setting up a single website.

It will also allow small business owners who are starting a business to change the legal structure of their company without incurring a capital gains tax liability.

CCI chief executive Deidre Willmott said the measures would make it easier to start and run a small business.

“Today’s announcement is another step in the right direction towards a business environment which assists rather than hinders business,” she said.

“Regulatory burden has a negative impact on the vibrancy and liveability of Western Australia and our vision to become a world-leading place to do business.

“We must do everything we can to encourage entrepreneurs to start small businesses that power our economy.”

Ms Willmott said governments at all levels must be vigilant in their fight against red tape and always look at ways to cut unnecessary regulation.