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Simpler BAS tops small business wishlist

Simpler BAS tops small business wishlist

Policies that significantly simplify the GST/BAS reporting process are those most likely to change votes amongst owners of small and medium businesses, according to accounting software giant MYOB.

MYOB says that in one of its business surveys ahead of the Federal Budget, 64 per cent of respondents said they would vote for policies that significantly simplified the GST process – the most popular suggestion.

Also well supported would be policies promoting greater Federal Government investment in transport infrastructure (61 per cent), keeping the $6500 instant asset tax write-off in play (58 per cent), and keeping the accelerated initial deduction for motor vehicles that allows small businesses to instantly write off $5000 (58 per cent).

Interest in skills, innovation and training was also high, with 57 per cent saying they would support policies that promoted increased funding for apprenticeship programs, and 57 per cent also saying they would support government-backed loans to small business start-ups.

Fifty-two per cent of respondents said the government should provide free training to all small businesses on how to use the internet to enhance and grow their business; 50 per cent said a proportion of government procurement contracts should be assigned to small business.

Speaking in the wake of the Federal Budget, MYOB CEO Tim Reed said it could be tempting for small-business owners to bunker down, play it safe and postpone their plans for growth, but there were still opportunities to be had.

”I’m pleased the government has set a target of reducing regulatory compliance costs on businesses, individuals and the community by $1 billion every year,” Mr Reed said.

”Business owners and managers will continue to call for tax reform, deregulation and reduction of red tape – our latest SME research shows GST and BAS simplification continue to top the list of initiatives they hope to see.”

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