On the eve of the Federal election, MYOB conducted research into the voting intentions of 1000 business owners across Australia.
Tim Reed, CEO, MYOB said, “So far, this has been an election campaign of long term, little-detail policy. None of the major parties seem to genuinely understand what kind of support the two million plus Australian businesses actually want from the next Federal Government.”
“Our research shows the opportunity is there to establish a clear mandate for reforms that will make business life easier in Australia,” Mr Reed said. “This means bold policy action to minimise red tape, simplify reporting and reduce the complex array of personal income, company, capital gains and fringe benefit taxes. With two weeks remaining there is still time for one of the parties to get serious about business.”
MYOB commissioned the research in July and put together the following 14 point plan of policy initiatives that business owners across Australia have said they will vote for and against.
The main points, in no specific order, include:
POLICIES THAT WOULD ATTRACT VOTES
#1. ASSET DEPRECIATION: 74% of business owners would vote for immediately being able to claim up to $5000 for depreciation of assets.
#2. RED TAPE REDUCTION: 68% of business owners would vote for a simplified and standard Business Activity Statement form.
#3. COMPANY TAX: 62% of business owners would vote for lowering the company tax rate to 29 per cent.
#4. INNOVATION AWARDS: 58% of business owners would vote for Federal Government cash awards for small business innovation.
#5. CAPITAL GAINS: 44% of business owners would vote for the introduction of a standard flat rate of tax on capital gains.
#6. BUSINESS FINANCE: 64% of business owners would vote for Government backed 24 month interest-free business financing packages from major banks for small businesses with less than 10 employees.
#7. FRINGE BENEFITS TAX: 41% of business owners would vote for making employees, not employers, responsible for their fringe benefits tax payments.
#8. WORKERS COMPENSATION: 39% of business owners would vote for a Medicare-style 0.5% of income disability levy to replace worker’s compensation insurance.
#9. FEE FREE BANKING: 73% of business owners would vote for legislating fee-free banking at the major banks for small businesses with less than 10 employees.
#10. RETIREMENT INCOME: 32% of business owners would vote for guaranteed monthly annuities in exchange for superannuation payouts.
POLICIES THAT BUSINESS OWNERS WOULD VOTE AGAINST
#11. SUPERANNUATION RATE: 37% of business owners would vote against a rise in the level of the compulsory superannuation entitlement to 12 per cent.
#12. PAID MATERNITY LEAVE: 36% of business owners would vote against compulsory six week paid maternity leave for staff employed longer than 12 months.
#13. RESOURCE TAX: 36% of business owners would vote against a coal and iron ore resource tax.
#14. CARBON TAX: 43% of business owners would vote against a carbon tax.
“We encourage all political parties to step up and really understand what business owners need to be successful and design policies that genuinely support businesses, the Australian economy and ultimately make business life easier,” Mr Reed concluded.
