No doubt you’ve read everything there is to know about which policies will affect small businesses the most depending on who is elected to government (we’ve done our best to share those with you in the past weeks) but we’ve got to run over it one more time now that it’s ‘D’ day.
As the federal election looms, both major parties are appealing to voters’ worries about their household budgets, with promises of childcare subsidies, handouts for power bills and tax cuts.
However, millions of small business owners may be more concerned about their business balance sheets when they cast their vote.
What do small businesses want from this election?
Businesses clearly do not want higher taxes but according to sentiment, they do want more stability and confidence when it comes to a new government.
Director of Operations at leading businesses for sale portal AnyBusiness.com.au, Mary Tamvakologos, said there was no question that challenging economic times meant more pressure on small businesses.
“The new government will need to find more ways for small businesses to grow and enable them to employ more people which will in-turn help stimulate the economy,” Mrs Tamvakologos said.
Which policies are most important to small business owners?
Small businesses would no doubt welcome the instant asset write-off to cover assets up to $30,000 however, it is not relevant to all businesses, many of which do not need to make big purchases of this nature.
For many small business owners, policy preferences are specific to their industries.
The superannuation equation
The focus on businesses that don’t pay the right amount of super will have an impact no matter who wins government.
Some small businesses are also worried about the planned increase in compulsory employer superannuation contributions from 9.5 to 12 per cent.
“This may be a good time for small business owners to have a look at their current superannuation payment policies and make sure that they conform with pending new regulations,” Mrs Tamvakologos said.
So which party is best for small business?
The general consensus is that there’s no real stand-out when it comes to small business ‘advocates’ in tomorrow’s election.
Mrs Tamvakologos said it was important that small business owners take an in-depth look when voting and see whether any of the minor parties might have positions that could potentially influence small business policies.
“The small business sector is a thriving one and it’s important that the new government supports it any way it can,” she added.