MYOB chief executive Tim Reed has welcomed Scott Morrison’s victory over the weekend, believing it will be in the best interests of small businesses over the next three years.
“The re-elected Morrison government has a strong track record of supporting small business in government,” Mr Reed said.
"This includes increasing the instant asset write-off to $25,000, providing tax cuts to businesses with a turnover less than $50 million from 30 per cent to 25 per cent, establishing the $2 billion Australian Business Securitisation Fund, and shining a light on the issue of mental health of small business owners.
“MYOB looks forward to continuing to work with Prime Minister Scott Morrison and his cabinet colleagues to ensure that the interests of small business owners across Australia are front and centre to a re-elected Coalition government’s decision-making.”
However, Mr Reed said the government would have its hands full with a range of small business issues, including the need to reduce red tape.
“The issues that small business owners want an incoming government to take action on are clear,” Mr Reed said.
“They told us that a lower tax rate allows them to re-invest in their business, that utility costs are rising to crippling levels, that they value the instant asset write-off and want access to e-invoicing.
“They also want the government to simplify — removing red tape, streamlining the BAS and GST reporting processes and increasing their digital service offering.”