Almost two-thirds of small businesses are upbeat about the tax cuts they are about to receive as the 2016/17 financial year draws to a close.
More than two-in-five small and medium-sized enterprises surveyed by business software provider MYOB intend to use the savings from the tax reduction to invest back into their firms.
A similar amount plan to use the recently extended $20,000 instant asset tax write-off when putting together their tax returns.
Businesses with a turnover of up to $10 million will see their corporate tax rate cut to 27.5 per cent from 30 per cent, or from 28.5 per cent for those firms with a turnover of less than $2 million.
However, many businesses are burning the midnight oil preparing their tax returns as the June 30 end of financial year deadline draws near.
Over a third of owners have sacrificed their weekends, while just under a quarter have worked past midnight to get their paperwork in order.
MYOB boss Tim Reed said small business owners are already under pressure to meet sales targets, retain customers and ensure cash-flow is steady for their business.
"These everyday obligations of running a business can be all-consuming, so it's no surprise that people are forfeiting their evenings and weekends to complete their tax reporting," he said.
