Small businesses overwhelmingly reject proposed bank tax

Recent polling in South Australia shows that a high percentage of small
business owners are against the proposed tax on banks. The primary concern is
that this new tax would make doing business in the area more costly and would
strain an already soft economy. The small businesses cite other surveys
showing that many South Australians already view the economic conditions as
unfavorable, with poor job prospects and ans slow growth rates of existing
businesses and low confidence in the economy by small business owners.

Key Takeaways:

• A new Galaxy survey shows Australian SBOs believe new government tax will hurt competitiveness and the economy.
• While 80% believe it will blunt South Australia’s competitive edge, 70% believe it will prove detrimental to the economy, and only 22% believe it is a good thing.
• Many believe the Weatherill government’s taxation proposal will also level a blow at consumer confidence.

“Among the 400 small-business owners and managers surveyed in the past fortnight, 65 per cent oppose the bank tax.”

Read more: https://insidesmallbusiness.com.au/planning-management/small-businesses-overwhelmingly-reject-proposed-bank-tax