Small Biz Buzz: Calls for Franchise Penalties & Tax Cuts Pass First Hurdle

From small business tax cuts making it past the first stage in parliament, to the ACCC calling for tougher penalties on dishonest franchisors, here's what's making small business news this week.

ACCC Calls for Tougher Penalties for Franchisors

The Australian Competition and Consumer Commission (ACCC) is strengthening calls for tougher penalties for franchisors proven to be unfairly operating.

ACCC Deputy Chair Mick Keogh made the comments ahead of the deadline for a Senate inquiry report into the Australian franchising sector.

Mr. Keogh said, the consumer watchdog wants to see the franchising code bolstered, to ensure franchise systems operate well for all parties involved.

Australia’s franchise sector is preparing for what’s expected to be a damning Senate report into the conduct of major players in the industry.

The investigation is the result of several high profile scandals in recent years, involving franchises like retail food group Domino’s Pizza.

The Senate inquiry into franchising is due to be released on December 6^th this year.

Small Business Tax Cuts Introduced to Parliament

The Federal Government's plan to fast-track tax cuts for small and medium businesses has been introduced to federal parliament.

Treasurer Josh Frydenberg introduced the draft laws to the lower house this week.

The legislation sees companies with a turnover under $50 million receive a tax rate of 25%, five years earlier than initially planned.

The papers passed through the lower house with Labor's support, despite an attempted delay by Greens MP Adam Bandt.

Mr. Bandt said, there were more pressing issues to clear the parliamentary schedule for, such as the mental health of refugee children on Naru.