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Media Release from The Hon Sussan Ley MP- Ley calls for relief for small business

The Hon SUSSAN LEY MP

Federal Member for Farrer

www.sussanley.com

24 November 2008

MEDIA RELEASE

For immediate release

Ley calls for relief for small business

In this difficult economic environment, local businesses need assistance from the Rudd Labor Government to create greater flexibility and fairness.

Federal Member for Farrer, Sussan Ley said many small businesses in her electorate are struggling to manage their cash flow and therefore the Rudd Labor Government should act immediately to adjust the variation penalty levied by the Australian Taxation Office (ATO) on Pay As You Go (PAYG) instalments.

“Local small businesses are facing the double whammy of drought and the global financial crisis which is why I am calling on the Rudd Labor Government to double the margin for PAYG estimate error to 30 per cent for the 08/09 financial year,” she said.

Ms Ley said if the ATO allowed a 30 per cent margin of error when adjusting their PAYG instalments, it would give small businesses more room to move before being penalised because of the economic downturn.

“Under this Coalition initiative, the ATO would double the allowed margin for error during the 2008/09 financial year,” she said.

“PAYG revisions are an important way for small businesses to manage their cash flow, flexibility and fairness and I would like to see small businesses in Farrer be able to revise their PAYG instalments without fear of a tax penalty at the end of the financial year,” Ms Ley said.

PAYG withholding is the system whereby payers withhold amounts from payments to payees and send the withheld amounts to the ATO. Under the current rules, the ATO allows for a 15 per cent margin of error on PAYG tax instalments for businesses and the amount of the penalty varies depending on the cause of the shortfall amount.