Minister says ‘Spring Repeal Day’ will axe 7200 pages of red tape for SMEs; ACCC cracks down on cosmetics: Midday Roundup

Minister says ‘Spring Repeal Day’ will axe 7200 pages of red tape for SMEs; ACCC cracks down on cosmetics: Midday Roundup

Bruce Billson, Minister for Small Business, claims the federal government’s ‘Spring Repeal Day’ will remove nearly 1000 pieces and over 7200 pages of legislation and regulation to cut red tape for small business.

The repeal day, set for October 29, follows the government’s ‘Autumn Repeal Day’ on March 26, which saw more than 10,000 pieces of legislation removed.

“Small business people around the country have told me their stories of attempting to make ends meet while struggling with red and green tape,” Billson said in a statement.

“This is why the Commonwealth government is working each day to remove the red tape burdens for small business.”

However, the government’s previous cuts have also controversially included scrapping the Small Business Tax Assistance Act which includes the motor vehicle tax concession for small business, concessional depreciation write-off for small business, loss carry-back rules for companies and low income superannuation contributions.

Billson today introduced the Export Finance and Insurance Corporation amendment, which he says  will enhances the capacity of the Export Finance and Insurance Corporation “to support small and medium-sized businesses seeking to capitalise on global trade opportunities.”

“This will immediately and significantly improve the export potential of Australian small and medium-sized businesses,” Billson said.

Consumer watchdog cracks down on dodgy cosmetics

The Australian Competition and Consumer Commission will crack down on dodgy cosmetic products with no ingredient labelling or labelling in a language other than English.

ACCC deputy chair Delia Rickard announced yesterday the watchdog will be assessing compliance in the sector as a part of its’ surveillance activities for the year.

“Few other consumer products are directly applied to our bodies in the way cosmetics are. This means that people who make and supply cosmetic products need to be fully aware of their responsibilities,” Rickard said in a statement.

“Where we identify non-compliance with the cosmetics labelling standard, we will speak with the suppliers and enforcement action will be seriously contemplated.”

Rickard warned against companies making false credence claims relating to the presence or absence of an ingredient, product safety or the moral or social benefits of a product.

Shares flat following mixed global lead

Local shares are down this morning, following a mixed lead from international market that saw Europe rise and Wall St fall.

The S&P/ASX200 benchmark was down 9.4 points to 5376.5 at 12:20pm AEDT. On Wednesday, the Dow Jones closed 153.49 points down, falling 0.92% to 16,461.3.

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