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According to Amanda Rose, founder of Small Business Women Australia, the government’s proposed IR reforms could be damaging to many SMEs and potentially threaten the continued viability of the more such vulnerable entities.

Any whole of industry bargaining scheme fails to take into account individual challenges of businesses, especially in finding and retaining employees especially in a tough market still recovering from the business effects of COVID. Wage increases may also be unsustainable and profit margins are already low with increased debt levels.

This reform could not come at a tougher time for SMEs, with landlords trying to recover COVD rent relief, ATO collecting tax debts and cost of money increasing, small business owners must go into the Christmas period taking care and using the ‘summer break’ to review and plan ahead for 2023.

Source:  Public Accountant News