What does the recent change of government mean for your business

What does the recent change of government mean for your business?

With the federal election now behind us, it is all hands on deck at Sync or Swim as we try to map out what the change in government means for your business.

It will no doubt take several months for the dust to settle from the election and the new government to find its feet with parliament not set to resume until late October or early November.

Rest assured that Sync or Swim will be here to keep you informed of any relevant changes that may affect your business over the coming months and years to come.

The new government has already promised a review of the industrial relations system to be conducted through the productivity commission. It is expected that the terms of reference for that review will be finalised in the first six months of government. Essentially, this means that whilst there is a hint of change in the air for Australian workplace law, it will be quite some time before any changes are put to parliament and passed on to your business.

There is a promise to reduce the company tax rate by 1.5%, remove the carbon tax and remove the mining tax as Australia’s entire tax system (including the current GST rate) is set down for review. A review of the Australian compulsory employee superannuation rate is also on the cards.  Any changes in these areas will take some time to come into effect.

Prior to the election the new government pledged to reduce to the red and green tape restricting small business. However, what this really means for national health and safety regulation, business licensing and environmental management is yet to be seen.

Until the above changes arrive, it is important to adopt a business as usual approach and ensure that your business remains compliant with all current workplace, tax and, health and safety laws as they currently stand.

If you are unsure about something, do not hesitate to give us a call and be sure to subscribe to our “Sync or Swim” social media platforms; facebook, twitter, googleplus and Linkedin where we regularly post relevant and insightful business content to help you make your business the best it can be. You can easily connect to us on these platforms by clicking on the relevant boxes in the top right hand corner of any page in this website. 

Article by: Paul Bright, Business Development and Compliance Specialist.