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Small businesses seeking support eagerly await budget

Australian Prime Minister Scott Morrison (right) and Australian Treasurer Josh Frydenberg at Parliament House in Canberra Source: AAP

Small businesses can expect to see financial support in Tuesday's federal budget, with the new tax breaks expected to benefit 1.5 million Australians, while business owners could see a cut to red tape.

Tomorrow's federal budget is expected to introduce a raft of measures - including tax breaks and cuts to red tape - for thousands of businesses. It’s welcome news for many., with a recent survey finding these measures sit among the top of the wish list for recovery support.

According to the software company Xero, 22 per cent of small businesses want to see more tax incentives for research and development. One in five want red tape reduced. While 29 per cent hope to see incentives to start new businesses.

Xero's small business advocate Angus Capel said, "Incentives for small businesses might look like an assistance package from their trusted advisors or a smoother way to start a small business in completely digital channels"

"At the top of the small business wish list for the budget to be handed down on Tuesday is incentives for new small businesses, support for entrepreneurs to grow their networks and experience, and research and development tax incentives," he added.

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