Small business is an integral part of the Queensland economy

The Queensland government will emphasise the importance of small business to the Queensland economy during Small Business Week in September. 

In a newsletter regarding small business week, the Minister for Tourism, Major Events, Small Business and the Commonwealth Games Jann Stuckey said small businesses are vital to increasing employment and economic progress throughout Queensland. 

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In order to ease the regulations surrounding small businesses the state government has set out a plan to establish a robust operating environment for small businesses. 

“This Government has already reformed the training and skills system, is creating a business-friendly regulatory environment through cutting red tape by 20 per cent, and encouraging investment, innovation and entrepreneurship,” said Ms Stuckey. 

The Small Business Strategy and Action Plan

The Small Business Strategy and Action Plan 2013-15 was released in May 2013. All 32 actions outlined in the plan have already been implemented or started.

The goal is for the Queensland government to engage with companies and attempt to understand their needs and experiences. A range of the benefits of the action plan that are already being realised by small businesses are lower costs, cutting green tape, mentoring for growth and improving small businesses’ access to major providers. 

By reducing administrative costs for businesses that are involved in low-risk environmental activities, companies are able to save an average of $600. The payroll tax exemption threshold has also been increased to $1.1 million, which means that 90 per cent of Queensland employers are not required to pay payroll tax. 

Furthermore, a 60 per cent increase in profits and turnover was reported by the more than 100 high-growth small businesses who participated in the mentoring for growth program.

If you are setting up a business in Brisbane or Cleveland, MDL’s commercial lawyers can help talk you through the necessary commercial agreements and contracts you will need to put in place. Call us on 07 3370 5100 or get in touch online.