SMALL BUSINESS – FINANCIAL SECURITY
We live in a world where big businesses commonly withhold payment of accounts to smaller businesses and private individuals when cash flow is of vital importance to every small business and the family budget. Whether it is the repair industry, the transport industry, the manufacturing industry, or the retail trade, the small accounts need to be paid in a timely manner so there is money to pay the employees and the necessary bills for the business. Many large companies and even Government departments are in the historical habit of delaying payments as long as possible. This is placing extreme financial pressure on small businesses and households and it must stop. The Christian Democratic Party will introduce legislation to change this appalling and bully boy behaviour to effect the following policy positions. The Government must lead the way by example.
Commit Government and its departments to pay all accounts under $2,500 within 14 days of receipt of the account.
Create a Small Accounts Commissioner who will assist in seeing that all small accounts under $2,500 are paid within 14 days.
Empower the Small Accounts Commissioner to charge the late paying business full cost recovery for the work undertaken to seek early payment.
Empower the Small Accounts Commissioner to fine corporations for intentionally delaying payments
Deem small accounts (under $2,000.00) as being a secured debt to the company.
In the case of a business or individual going bankrupt they will be required to pay for unpaid work done before being able to commence a new business.