Businesses are starting to come to terms with the GST's compliance requirements, the latest Dun & Bradstreet National Business Expectations Survey shows.
The June survey, looking ahead to the September quarter, shows a small but definite second consecutive monthly rise in expectations across all indexes, as well as improving attitudes to the new tax system.
Just 10% of executives surveyed said they were ‘not at all comfortable' with the new taxation system after 12 months. In March, after nine months, 26% of executives gave this same response.
Exactly half of all executives said they were ‘reasonably comfortable' with the new taxation system and 25% ‘extremely comfortable' (15% gave no answer). In March, 44% were ‘reasonably comfortable' and 30% ‘extremely comfortable'.
The June survey also revealed only 21% of executives found it ‘extremely difficult' to complete and lodge their third quarterly BAS, compared with 56% in March.
Almost half of all executives (49%) said they spend 20 hours plus on GST administration each month, up from 31% in March and 30% last October.
Christine Christian, managing director Dun & Bradstreet Australia & New Zealand, says the survey, showing a second successive rise in expectations, is a "small step forward on the road to recovery".
"After a disastrous end to 2000, the engine driving the Australian business community would appear to have kicked back into life," she says.
"Aggressive interest rate cuts, the doubling of the first home buyers' grant and moves to ease the burden of GST paperwork, all appear to have made some impact.
"The question we must now ask ourselves is whether we have enough petrol in the tank to survive the long haul to a full recovery?
"While the light at the end of the tunnel is clearly brighter, some danger signs remain. Bankruptcies continue to soar alarmingly, businesses are taking longer than ever to pay their creditors and job creation is, at best, stagnant.
"In these times of economic transition, businesses must remain vigilant and stay on top of their debt-management practices. It's a time for cautious optimism, but also for prudent management."