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SMEs want a simplified BAS: MYOB

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Tax rules and protocol bring up a world of hurt for many business owners. MYOB’s new research, however,  proves that business owners want it simple. According to company, 71 per cent of Australian business owners want a simplified Business Activity Statement (BAS), while 76 per cent would like the GST rules reviewed and clarified.

More than one-third (39 per cent) of those surveyed said the BAS form was difficult to understand, with most business owners amassing more than 10 hours per month preparing to submit a single BAS form.

In fact, addressing these issues could make or break the current government, with more than one-third of those surveyed admitting that addressing these concerns would impact their voting intentions. With this in mind, MYOB has set up an online petition for SMEs to have their voice heard in getting the Federal Government to address their concerns.

“There is a growing frustration among Aussie business owners that their concerns are not being listened to or acted on by the Federal government,” says MYOB CEO Tim Reed. “Nowhere is this clearer than the fact that despite the SME sector making up more than 96 per cent of Australian businesses, the Treasurer has only invited one small business representative to the Tax Forum in October.”

The report also found that more than half of all business owners spend more time on compliance reporting than they did five years ago.

“It’s clear that the Government isn’t making life easier for the majority of Aussie businesses,” he says. “Based on these findings, we call on the Federal Government to use the Tax Forum to deliver on the vision of the Henry Tax Review, address the proliferation of red tape and make a firm commitment to actively engage with Aussie SMEs moving forward.”

Given 31 per cent of businesses surveyed don’t plan their cash flow to meet tax obligations, greater SME understanding of the tax system and their compliance obligations is a must.

“Cash flow management is critical for an SME’s survival so it really concerns me that nearly a third of business owners don’t put aside GST funds to meet their tax obligations,” says Reed. “They risk ATO fines or worse if they suffer an unforeseen downturn in revenue – which is far too common in the current economic climate.”

If you’re looking to work on your business rather than being stuck in it, book in for a complimentary business assessment today with Switzer Business Coaching.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Wednesday, September 21, 2011

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