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SMEs call for reduced company tax rates in upcoming Federal Budget

Tax

With three business days remaining before the the Federal Budget is announced, small to medium business owners have voiced a united desire for company tax rates to be reduced, according to the latest MYOB Business Monitor.

The MYOB survey of more than 1,000 Australian SMB owners found that 60% of SMEs agreed that company tax rates should be reduced, if Australia’s business environment is to remain competitive.

An overwhelming majority of business owners saw taxation as the most important area of government regulation to be simplified, with 52% indicating that it was most important, followed by work, health and safety which trailed at 12 percent.

However, when it came to the question of fairness, business owners were slightly more likely to believe that the tax system was fair (37%) than unfair (32%).

“What the results tell us is that while business owners are managing with the current tax regulation, there is a lot more that the government could be doing to reduce the day-to-day burdens”, explained Tim Reed, CEO of MYOB.

“We can’t ignore the benefits that reducing company tax rates would provide to the Australian small and medium business community, who make up the vast majority of businesses in Australia.

“Given the group’s prominence, there is a significant economic benefit for Australia if we enable SMEs to become more competitive via tax reform.”

The Business Monitor also revealed that under half (44 per cent) of business owners intended to take up the instant tax write off this financial year, with 30% having already purchased an asset and 14 per cent intending to purchase an asset.

“The tax incentive was certainly a great step forward in assisting small and medium business owners, and we hope to see a similar emphasis on lifting the tax burden on Tuesday evening.

“We hope that the government listens to the united call for company tax reform, as business owners gear up for the next economic year ahead,” explained Mr Reed.