With an early election all but locked in the government is set to announce its budget this evening. At this point we can only speculate as to what it will include and the small business community is eagerly awaiting the announcement.
Turnbull recently declared this budget will ‘clear the way’ for small and medium sized businesses and people earning ‘average wages’. It’s tipped to include substantial tax reform and company tax cuts, but what do small businesses actually want from the budget and election?
More support for small business growth
Everyone wants to feel supported so it’s no surprise that small businesses want more of that from the budget this year. According to Peter Strong, CEO of COSBOA, small businesses want the government to reward those that innovate or those that want to grow.
Strong also told The ABC that he wants to see taxes slashed to zero for businesses which pledge to invest all their profits back into their business. It’s a radical idea but one sure to support innovation.
Although the small business community acknowledges their taxes were cut in last year’s budget, many are crying out for greater tax relief this year.
Some business owners, like Gerard Trovato who recently spoke to The ABC, felt excluded from the changes last year. Trovato would prefer to see the government bring in a grant scheme whereby businesses receive incremental payments of $5,000 to invest in their business.
Although the small business community has a variety of demands, they do seem to agree that an early election is the best way forward. At least that’s according to a poll conducted by the Chamber of Commerce and Industry in Queensland. According to the report, small businesses are looking for more certainty and political stability and hope the budget and early election will deliver.
What’s on your budget and election wish list this year? Tell us in the comments below.
Originally published May 3 2016 , updated January 18 2017