Many small business owners are relieved the Turnbull government has ditched the idea of raising the GST rate but believe it should now take the opportunity to simplify the impost's compliance burden.
Business software provider MYOB boss Tim Reed says small and medium-sized enterprises collectively spend $13.7 billion each year complying with GST.
"Giving them back the 84 hours a year that SMEs spend on average collecting tax for the Australian government will free them up to grow their businesses and be more successful," Mr Reed said on Tuesday when releasing MYOB's latest monthly SME snapshot.
The survey found that more than half of respondents had given the idea of raising the GST to 15 per cent from 10 per cent the thumbs down, with 35 per cent concerned customers would spend less as a result.
Separately, two out of three business owners want a simpler Fair Work Act.
"We know it can be a real barrier to hiring new staff," Mr Reed said.
Asked for their focus for this year, 39 per cent of SMEs nominated training and development as their number one priority followed by new technology at 38 per cent.
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