TELSTRA BUSINESS SURVEY BRIEF

Written on the 3 February 2012 by James Perkins

TELSTRA BUSINESS SURVEY BRIEF

TAX write offs available to small and medium businesses (SMBs) are not being utilised, with many operators unaware they exist.

The third annual Telstra-COSBOA Back to Business Study found just 24 per cent of SMB owners knew of the instant write-off for the first $5000 outlay on any capital asset from July, announced by the Federal Government last year.

The tax break was among measures for SMBs that included a write-off on all other assets (except buildings) above $5000 in a single depreciation pool at 30 per cent and a reduction in the company tax rate to 29 per cent.

Council of Small Business Australia CEO Peter Strong finds it surprising that so many SMBs are unaware of the stimulus at a time when many are under pressure.

“There’s a clear message that the (Gillard) Government needs to do more to sell its initiatives, while the low approval rating for all MPs shows they could be doing more to focus on the needs of small business,” he says.

Telstra Business Group managing director Will Irving, says the tax write-off would help SMBs upgrade technology and improve cash flow.

“The research shows almost a quarter (23 per cent) plan to invest in technology this year to lift productivity while 36 per cent intend to boost their online presence,” he says.

The Telstra-COSBOA poll is taken to gauge issues of importance to small business ahead of the return of Federal Parliament.

SMBs rated the European financial crisis as the biggest issue they would face in the next 12 months, with 27 per cent nominating it as the key issue of concern, ahead of a carbon tax on 24 per cent.

While 73 per cent were ‘very concerned’ or ‘somewhat concerned’ about the carbon tax, 26 per cent said they were not.

SMBs are telling the Labor Government that tax reform is its biggest area for improvement, scoring it at 38 per cent, with its performance in financial management (39 per cent) rating only one point higher.


Author: James Perkins Connect via: Twitter LinkedIn

Latest News

PROFIT BOOST FORECAST AT VILLA WORLD

VILLA World has forecast profit growth of 5 per cent in the first half of FY17 in an earnings guidance released to th...

WP CURVE SOLD TO GODADDY

NASDAQ-listed tech company GoDaddy has bought Gold Coast's WP Curve for an undisclosed sum.

The subscription-b...

BOARD SHAKE-UP TAKES OUT SURFSTITCH FOUNDER

ONLINE actionwear retailer SurfStitch Group (ASX: SRF) has announced a major board shake-up in a move that effectivel...

ORIGIN TO DIVEST UPSTREAM OIL AND GAS BUSINESS

ORIGIN Energy will spin off its upstream oil and gas business in an as-yet unpriced IPO.

It will allow the Sydney-...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter