SME Growth Index survey that was conducted recently shows that SMEs believe that the priority of the Federal Parliament should be on company tax cuts. This index is a reflection of the views of top SMEs, CEOs and business experts in industries with annual revenues of about 1-20 million Australian dollars. While 27 percent of respondents favored company tax cuts in the survey, another liked feature that was wanted by 24 percent of respondents was that the Federal Government should increase its move to expand the instant asset write-off. About one in five (or 20 percent) of SMEs believe that government should reduce their red tape by reducing their regulatory and administrative burden. According to Mr. Langham, the spokesperson for South Pacific which ordered the survey, tax cuts has been on the minds of several SMEs for several years now and they believe government should look into it.
- Getting rid of the payroll tax would be a game changer in day to day business.
- Businesses continue to push for less regulations in order to operate more freely.
- Over 25% of business owners lobbied for tax cuts and less red tape
“Langham said SMEs were far more concerned about government action on things they see affecting their business on a day-to-day basis, rather than big-picture projects such as the NBN or small business funding initiatives.”