Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

SMEs want tax process simplified: MYOB

Small and medium-sized business owners and operators would vote for a party proposing a simplified GST and BAS reporting process, according to new research conducted by MYOB.

News Michael Masterman 09 April 2014
— 1 minute read

The March 2014 MYOB Business Monitor study has revealed a list of leading policies for which those in the SME sector would vote.

Advertisement
Advertisement

The survey asked ‘If a Federal Election were held in Australia in the next year, which of the following would get you to vote for or against the party that proposed them’. The top five items that SMEs would vote for were;

1. Policies that significantly simplify the GST/BAS reporting process – 64 per cent
2. More federal government investment in transport infrastructure in our major states and cities – 61 per cent
3. Keep the $6,500 instant asset tax write-off in play – 58 per cent
4. Keep the accelerated initial deduction for motor vehicles that allows small businesses to instantly write off $5,000 on motor vehicles – 58 per cent
5. Increased federal government funding for skills, training and apprenticeship programs – 57 per cent

MYOB chief executive Tim Reed said the results echo demands from previous reports, with SMEs calling for many of the same policies they have called for in the past.

“Business owners and managers continue to call for tax reform, deregulation and reduction of red tape," Mr Reed said.

“GST and BAS simplification continue to top the list of initiatives, and with fuel prices always the top SME pressure point, it’s no wonder 61 per cent will vote for the party that proposed more investment in city transport infrastructure.

"Interestingly, the abolition of the carbon tax has moved down the list to seventh from second spot, while government support initiatives continue to increase in preference,” he added.

The research also revealed satisfaction with the federal government among SMEs is at its highest level since 2009.

Mr Reed said these results are the first measure of SME sentiment regarding the federal government since last year's election and it appears sentiment is moving from negative to neutral.

“The drop in dissatisfaction could mean small business owners like what they are hearing from the government but may need to see more action to lift their levels of satisfaction,” he said.

 

SMEs want tax process simplified: MYOB
image intro
accountantsdaily logo
News
FROM THE WEB