Small business tax cuts get green light

THE Institute of Public Accountants (IPA) has commended the Economics Legislation Committee for giving the green light to the Enterprise Tax Plan which will ease the tax burden for thousands of small businesses around Australia.

“The Senate committee agreed with IPA’s position that extending tax benefits to entities is warranted and likely to result in economic benefits that over time will pay for itself,” said IPA chief executive officer, Andrew Conway.

“The fact that the Senate committee has recommended to the Government that it should proceed with the Enterprise Tax Plan Bill is a positive sign for business and economic growth.

“This will provide relief for many small businesses, improve their cash flow, enhance capacity to reinvest in their business and increase employment opportunity.  The Australian economy is the winner.

“Despite Labor’s opposition, we support the Government proceeding with the Bill and continue pragmatic negotiations to ensure it passes.  If this means deferring tax cuts for larger entities to gain the Opposition’s support for tax cuts for smaller entities up to $10 million, it should be considered,” said Mr Conway.

publicaccountants.org.au

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