Small businesses in Australia could be hit with unexpected annual fee if a little known federal government proposal goes ahead.
According to the Sydney Morning Herald anti-money laundering regulations could lead to a yearly $500 fee being levied on all members of the Australian Transaction Reports and Analysis Centre, better known as AUSTRAC.
The move would affect all small businesses that regularly transfer sums of money and is likely to hit small scale newsagents, jewellers, real estate agents and accountants hardest.
The fee is set to come into effect in July 2011 has been described as 'an obstacle' to small business by the federal opposition small business spokesman Bruce Billson.
