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The Institute of Public Accountants (IPA) has applauded the government’s jobs and small business package, announced last week, calling it a huge step forward in driving small business innovation, productivity and growth.
IPA chief executive officer Andrew Conway said the package provides much needed regulatory relief for small businesses currently weighed down by excessive red tape.
“The institute has long advocated for measures that will release small business from the shackles of regulatory burden and we commend the small business package as an effective scene-setter for new small businesses to succeed in the market.
“Small business does it tough, especially those just emerging in the marketplace. To provide incentives such as being able to claim deductions for the cost of professional services in their infancy is a huge plus," he said.
Mr Conway said that for small business start-ups to do well, it is reasonable to expect them to seek professional advice, particularly from trusted advisers such as accountants.
“To be able to immediately claim deductions for such services will help businesses in terms of cash flow and their ability to invest in operational resources including their capacity to employ staff,” Mr Conway said.
The package is due to be formally announced as part of this week’s federal Budget.
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