The stats are in: Businesses are “comfortable” with the budget

Elizabeth Barry 17 May 2017

sme owner

The latest MYOB survey found 34% of SMEs thought budget measures were more positive than negative.

Results from the latest monthly MYOB SME Snapshot has found that small business owners are generally happy with the budget, with only 16% of those surveyed rating the latest budget negatively.

Moreover, 34% of small- to medium-sized enterprises (SMEs) felt the measures announced in the budget were more positive than negative. The same percentage of SMEs also suggested the measures would have no impact on their businesses.

Several budget policies were directed at small businesses, including the continuation of the $20,000 instant tax write-off and an extension of crowdsourced equity funding to proprietary companies.

Before the budget was announced, the MYOB snapshot found that 60% considered making the $20,000 instant tax write-off permanent to be the most pressing need in the budget. While this policy was extended it was not made permanent.

However, CEO of MYOB Tim Reed still feels this was a welcome announcement.

“The extension has created a very positive sentiment around the Budget amongst the SME community," he said.

“Considering that ahead of the Budget, 43% of small business owners weren’t confident it would deliver a positive outcome, it appears that policies like the tax write-off extension and company tax cuts have turned this sentiment around."

While businesses were overall pleased with the budget, there was some controversy. More small businesses believed changes to the 457 visas would have a negative impact rather than a positive impact (12% compared to 5%).

“The visa changes may cause issues for some of our small businesses, particularly for those looking for manual workers in more rural areas where potential hires are much smaller,” said Reed.

Picture: Shutterstock

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