While not the most popular belief at face value, SMB owners see plenty of value in giving tax cuts to all businesses regardless of size.
According to the biannual MYOB Business Monitor survey, nearly two-thirds of business owners would support business tax cuts, even if they weren’t necessarily targeted at the smaller end of town.
“It is interesting to note that such a large number of small businesses (60 per cent) support reducing the company tax rate for all businesses,” says MYOB CEO, Tim Reed.
“Small business owners understand that as suppliers to big business, a tax policy that increases investment from larger companies will directly lead to revenue for smaller businesses, and also have a broad positive effect of creating more jobs.”
However tax cuts are not top of the SMB wish list, according to Mr Reed. The most sought-after policy from government is the retention of the $20,000 instant asset write-off, which is due to end on 30 June, 2017.
Making the write-off a permanent feature was supported by 68 per cent of the business owners surveyed.
“It’s such an important policy for businesses wanting to kick-start their growth. We’re seeing a real buzz in the [SMB] community and this will only help that become a roar,” says Mr Reed.
He also noted that many business operators are also looking for affirmative action from governments rather than financial assistance.
“[SMBs] were also keen to see government supporting them in an entirely different way – 61 per cent wanted government to assign a proportion of their billions in procurement contacts to small business,” Mr Reed says.