NZ businesses want common AU market

After surveying over 1000 local business ahead of this year’s General Election, 42% said they’d vote for a common economic zone with Australia, although the policy would find little favour with the rural sector or retailers, says MYOB.

The policy most likely to find favour with business voters would be the simplification of provisional tax rules.

74% of respondents said they would vote in favour of any party that is committed to making it easier for businesses to meet their tax obligations.

Other popular policies include offering tax credits for businesses that electronically file returns (61%) and waiving late-payment penalty interest for start-up businesses (58%).

MYOB General Manager Julian Smith, said, “The policies the New Zealand business community would support are those that would make it easier to do business in this country, invest in innovation, and provide greater employment opportunities.”

The Business Monitor reports that 55% of all Kiwi business owners would vote for a single flat rate for business and personal tax. 61% of Auckland businesses support this view.

55% of business owners would like to see support for innovation and business development from the government.

Smith said that the survey also highlighted the fact that Kiwi employers are keen to strike a balance between the benefits their staff enjoy and some of the potential costs of employment.

“Employment is usually the most significant cost of any business – but employers recognise that positive workplace relations are very important, particularly when managing growth,” he said.

Other highlights of the report included:

• A common market and currency with Australia is popular with 42% of businesses
• Most businesses don’t want a return to three weeks annual leave (43%).
• Compulsory KiwiSaver with a minimum of 50% of funds invested in NZ is popular (39% approve, 24% oppose)
• Capital gains tax is the least popular, 65% would vote against a party who plans to introduce it