April’s MYOB Business Monitor has found many businesses are upset over the level of Federal Government support for their businesses, as well as confused over legislative changes being made.
The MYOB Business Monitor survey found that 39 percent of business owners find that understanding the relevance of Government legislation and compliance changes to their business is their hardest challenge. This was particularly pertinent amongst business owners in the construction and trade industries (45 percent), the retail and hospitality industries (45 percent) and micro businesses (44 percent).
These results highlight how sensitive small business operators are to changes, such as the move toward standard business reporting (SBR), further tax changes and the likely reforms from the Henry Review.
“MYOB supports any initiative from the government that reduces the burden of administration and compliance for Aussie businesses. While business owners have registered a rising level of dissatisfaction with the government, we believe that the latest reforms will contribute to making business life easier.”
“Given that sentiment, MYOB is working even harder with the ATO and SBR project teams to help develop and guide the new reporting frameworks, and incorporate them in future releases of our AccountRight software range, so they genuinely make business life easier for business owners,” explains Mr Reed.
The MYOB Business Monitor found that business owners expect fuel prices, cash flow, and price margins and profitability to continue to put the most pressure on their business in the coming year, just as they did in July 2009.
“When you combine these pressures with rising interest rates and electricity prices, you begin to appreciate the complexity of running a business in Australia today. MYOB will continue to work with government and other groups to help make sure legislative and compliance reforms really do make business life easier and will shout loudly on behalf of Australian business owners if they do not,” says Mr Reed.
