Labor to require small business invoices be paid in 30 days

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Labor has strengthened its bid for the small business vote, promising a plan to require invoices are paid within 30 days to benefit 2.4 million firms.

Labor has strengthened its bid for the small business vote ahead of the May federal election, promising a plan to require invoices are paid within 30 days to benefit 2.4 million firms.said more than 2 million firms and millions of employees would benefit from quicker payment terms and a plan to reduce transaction costs through so-called “least cost routing”.

“A lack of federal leadership has compounded the anxiety felt by small business owners, eroding confidence and certainty about the future.” Small business is a traditional constituency of the Coalition. But Mr Marles accused the Morrison government of failing to provide badly needed additional support during the COVID-19 economic recovery.“Labor will deliver a targeted plan to give small business the confidence they need coming out of the pandemic and recovering from bushfires and floods,” he said.

Mr Marles promised a genuine collaboration with small business owners and operators to reduce the time they spend completing tax administration.COVID-19 fatigue had heightened the risk of operators going under, calling for more urgent support to the sectorShe called for attention on tax, superannuation, industrial relations and immigration, as well as a suspension on the creation of any new compliance processes for two years.

 

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Yeah right

Well done, and great for productivity too! This will put a stop to small businesses having to halt new work until their overdraft recovers from big business not paying their bills on time.

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