The bi-annual MYOB Business Monitor, now in its sixth year, is a survey of more than 1,000 SME business owners, and provides an insight into the desires and challenges of Australian SMEs.
Topping the wish list for SMEs is a demand for continuing the $20,000 instant asset tax write-off for businesses under $2 million in revenue, with 63 per cent of respondents issuing their support for the policy to remain as it is.
“While two thirds of SMEs are yet to take advantage of the incentive, it has clearly struck a chord with operators. It was number one on the list of policies they would vote for. Policies that significantly simplify the GST/BAS reporting process – an ongoing pain point for many SMEs – came a very close second,” said John Moss, MYOB’s chief strategy officer.
“With MYEFO [the government Mid-year Economic and Fiscal Outlook] just around the corner and budget planning well underway, governments would do well to take careful note of this list,” Mr Moss added.
In addition to the SMEs' wish list, the research also indicated the lowest level of dissatisfaction with the government since the survey’s inception, a decrease to 26 per cent from 33 per cent in March 2015.
“This is more good news for the Turnbull government, which is currently riding high in the polls. The earlier federal budget package for small business has been received well and SMEs are looking for further measures to make doing business easier,” said Mr Moss.
“State governments can also take heart that SMEs generally are feeling happier with their work, with dissatisfaction levels having fallen to 30 per cent across the board,” he stated.
Innovation remains a hot topic, and a majority of negative responses concerned strong dissatisfaction with internet connection speeds, with 25 per cent voicing their concerns over their current connections – and with rural respondents significantly less satisfied (37 per cent).
“The government continuing to work on faster internet speed would go down well with a significant number of SMEs,” Mr Moss said.