Small business needs help

Government initiatives to assist small business with GST compliance are a welcome relief, but more support is needed, warns the Australian Society of Certified Practising Accountants.

“We are encouraged by the Gov-ernment’s promise of tax deductibility for GST related expenditure,” said ASCPA small business spokes-person Greg Hayes.

“The immediate tax deductibility for expenditure on acquiring new plant or software for the purpose of GST implementation is a much needed relief for small business.

“The Government’s plans to provide small business with electronic cashbook software free of charge is another step in the right direction.

“These initiatives go a long way to meeting small businesses’ GST compliance requirements, but further assistance is crucial.

“The Government’s refusal to provide small business with a direct cash rebate is disappointing.

“Many small businesses will be left out in the cold if the Government plans to allocate all of the GST compensation package to areas such as accelerated depreciation allowances and training.”