Regardless of which party wins at the next federal election, there’s a few priorities front and centre for small business owners.
According to a new report by accounting software provide Intuit, tax concessions, making financial reporting easier, simplifying business activity statements (BAS) and the GST, and changing the superannuation rules are the top priorities for small business owners.
Rich Walker, Director, Australian Accountant and Bookkeeper Strategy, Intuit said Australian small business owner’s grapple with understanding exactly which layers of complicated policies and legislation applies to them.
“Our survey shows the majority (92%) of small business owners seek help to understand the policies, legislation and laws that affect their business,” Walker said.
“There is a lot to navigate through and our research shows, only one in four small business owners (25%) have a very thorough understanding of the legislation and policies that apply to their business, with 1 in 10 (9%) admitting they have very little understanding,” he said.
According to the research, the majority (88%) of the small business community is already facing significant challenges including balancing business and home life (49%), advertising their business effectively (30%), increased competition (30%), on top of understanding the laws and legislation that affect their business (28%).