A PERMANENT $20K TAX WRITE-OFF FOR SMES WOULD HELP ARREST GOVERNMENT DISTRUST SAYS MYOB CEO

Ahead of this week’s Federal Budget, two-fifths of the small business community are not confident of a favourable outcome, according to research undertaken by accounting software provider MYOB.

Dynamic Business asked MYOB CEO Tim Reed to unpack the findings of the company’s SME Snapshot, a monthly survey of small to medium businesses from its customer base, to reveal what business owners want from the Federal Budget.

FINDING: 43% OF SMES ARE NOT CONFIDENT THE BUDGET WILL DELIVER A POSITIVE OUTCOME

Reed: This statistic reflects the current sentiment of SMEs in the wake of a recent crackdown on small business owners by government departments and authorities– specifically, the cash economy, work-related deductions and R&D tax claims.

FINDING: 65% OF SMES TRUST THE GOVERNMENT TO DELIVER THE BEST OUTCOMES FOR THEM

Reed: While this is a great figure, there has been a significant increase in distrust since last July’s SME snapshot, which found 27% of SMEs were not confident the government would pass positive policies for the SMEs sector in Parliament. This year, 35% have said they don’t trust the government to deliver the best outcome for them, showing distrust has developed slowly over time and will only continue if the government do not implement policies to give SMEs a more positive outlook for the future.

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James Harkness - Dynamic Business - 8 May 2017

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