Is this the most BASic tax system?
Several times a year, we undertake one of the largest surveys of SME’s in Australia and New Zealand, which becomes the collective voice of business owners in our Business Monitor Report. We’re proud to today release a special Australian report on GST and BAS, with some very significant findings about our current tax system.
Did you know that the majority of Aussie business owners do their own day to day bookkeeping and BAS reporting? Only 15% refer to an external accountant for assistance. We also found that most businesses spend a staggering 10 hours per month preparing their data for the BAS. That’s 15 working days per year, lost on reporting rather than getting out there and doing what you do best. It’s no wonder many of you feel like an administration department for the Government!
One very apparent theme from our survey was that you want the GST and BAS system simplified. Over a third of you indicated that it’s difficult to understand the BAS requirements, and over half of you can’t make sense of the current ATO educational material. It’s time for the ATO to cut the jargon and give us what we need to know in clear and simple terms.
With a Government struggling to win approval points, the PM could gain a lot by listening SMEs. After all, a third of you indicated that your voting preferences would be swayed by a policy to simplify GST reporting and BAS.
Overall, it was loud and clear that when it comes to the tax system, Australian business owners want a simplified system. Little wonder why – just think of the boost to industry productivity if we could reclaim those 15 days wasted every year on reporting. 🙂
With so many of you having passionate views on the subject, we’re created an online petition to give that passion a voice. Sign the petition and we’ll ensure your demands for simpler BAS reporting is presented to the Federal Government. Feel free to spread the word!
We’d like to extend a very big thank you to the 4,000 businesses who participated in our survey, adding their voice to our report. We received some very insightful responses to our final question asking business owners to share with us the ways they would improve the GST and BAS system. For those of you who didn’t take part, I’d love to hear your thoughts. Do you have an idea that would make the system easier? Can you think of any red tape that should be removed? If you could make just one change to our current ATO reporting process, what would that be?