Too much red tape? Tell us about it, says ASIC

Small business concerns about too much regulation and red tape are finally being heard by the corporate regulator.

The Australian Securities and Investment Commission (ASIC) has launched an online survey to improve its communication with small businesses, which account for most of the registered businesses and employ about half the workforce.

Australian Bureau of Statistics data shows more than 95 per cent of businesses are small businesses and about 125,000 earned more than $2 million in turnover in 2010-11.

Business and industry leaders have long been complaining about the regulatory burden resulting from major changes to workplace relations and occupational health and safety laws. They also want the federal government to increase the level of turnover defining a small business to $5 million from $2 million so they can access greater tax breaks and deal with rising compliance costs.

ASIC Commissioner Greg Tanzer says the survey gives small businesses the opportunity to vent their frustrations, or in his words, “provide insight into ways ASIC can more effectively help them”.

“A key strategic priority for ASIC is to ensure we have an efficient registry and licensing business that focuses on small business,” he says in a statement.

“Our ultimate aim is to reduce the red tape that regulation imposes on small businesses which, in turn, will save them time and money that can be better spent on growing the business.”

The regulator also wants to help business “understand and comply with their legal obligations”.

It’s seeking business feedback about how ASIC can make compliance easier and asks questions such as, “How would you rate ASIC’s engagement with small business?”

The anonymous survey can be found on the ASIC website www.asic.gov.au and will be open until December 21.

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