Today, MYOB released its latest SME Snapshot survey, revealing that 43 per cent of SMEs are not confident the budget 2017 will deliver a positive outcome for them.
Further to this, 35 per cent don’t trust the government to deliver the best outcome for them; however 49 per cent don’t believe that the federal budget would have a better outcome for SMEs if the Labor Party is delivering it.
“This research tells us the small business community is showing trepidation ahead of the upcoming federal budget,” said Tim Reed, CEO of MYOB.
“Last year, Treasurer Scott Morrison said of small business: ‘They are the hope of the side’. This year’s budget presents an opportunity for the government to back small business and cement their future in Australia.”
Of all survey respondents, 60 per cent identified making the $20,000 instant tax write-off permanent to be the most pressing need, which is no surprise according to Mr Reed.
Further to this, 33 per cent of respondents agreed instant tax write-offs as the main area where SMEs are looking for cash flow support from the government.
“The $20,000 instant tax write-off is a budget measure which has an immediate impact on the sector it targets, and we can’t ignore the benefits it provides to the Australian small business community,” Mr Reed said.
“I call on the government to think seriously about the impact of not making the $20,000 instant tax write-off permanent, which would effectively undo the great work it has done in this space.”
When asked what they consider the second most pressing need, 48 per cent of SMEs selected lowering the company tax rate.
Further to this, 42 per cent of SMEs want government subsidies for employing young Australians.
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more