Collecting GST costs Australian SMEs more than $13.7 billion each year, according to research published today by MYOB.
A MYOB survey of 1026 owners and managers of Australian small and medium business found SMEs spend an average of 84.1 hours a year collecting GST.
This equals $6778 a year for approximately 2.02 million SMEs, a total of $13.7 billion, said MYOB.
MYOB found business owners and managers spend the most time complying with GST rules, with 64 out of the 84.1 hours performed by owners and managers. Most time is spent recording the GST information needed by the ATO, which accounts for around 78 hours a year.
“If Australia is to have a debate on the GST then let’s start with the way it is collected and reported,” MYOB chief executive Tim Reed said in a statement.
“The GST represents two full weeks where the owner’s attention is dragged away from the day to day running of their business. This is a significant drain on the productivity and profitability of SMEs.”
“If the government’s focus is on improving Australia’s productivity and reducing red tape, then easing the burden of GST compliance should be a priority.”
Big W, Woolworths and eBay have announced an e-commerce partnership that offers customers the ability to buy eBay items online and collect them up in bricks-and-mortar Big W and Woolworths stores.
Customers in New South Wales and Tasmania will be able to click and collect eBay items from Woolies or Big W at 93 participating stores from today. Consumers will pay no additional charge to pick up the items.
Ebay and Woolworths said in a joint announcement the partnership is “in response to the growing online retail landscape and consumer demand”.
EBay and Woolworths are planning for 12,000 online sellers to become involved in the scheme over the next three years.
Aussie shares had traded higher than the market’s opening heading into lunchtime today, following
Tristan K’Nell, head of trading at Quay Equities, said in a statement local investors will have a busy day digesting more earning results, including from corporate heavyweights BHP and QBE.
“Out early this morning was BHP, which announced its interim net profit coming in at $4.265 billion, a 47.4% slide from last year’s $8.107 billion, with its net profit on an underlying basis coming in ahead of expectations at $5.35 billion, versus expectations of between $4.7-$4.9 billion,” K’Nell said.
“It will pay a fully franked interim dividend of 62 cents which is in line with expectations.”
The S&P/ASX 200 benchmark was up 1 point to 5909 points at 11.58am AEDT. On Monday, the Dow Jones closed 23.6 points lower, down 0.13% to 18116.8 points.
Editor
Eloise is an experienced business journalist and editor, who has held senior editorial roles at SmartCompany since 2014. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on LinkedIn, and Twitter at @ellykeating.
Comments