The Treasurer last night announced a $5.5 billion small business package, including a 1.5 per cent corporate tax cut and new accelerated depreciation rules, which will support small business and, according to IPA chief executive Andrew Conway, provide some great opportunities for accountants.
“There are a number of elements in the Budget that will rely upon the advice provided by an accountant to small businesses,” he said.
In this Budget, the government showed how vital it believes accountants are to small business, Mr Conway added.
“Through this Budget, the government has recognised that accountants are the trusted productivity advisers to small business,” he said.
“That’s been proven in this Budget by the inclusion of the immediate deductibility of professional advice, the instant asset write-off and the restricting concessions, all of which sit firmly in the realm of professional accountants to provide excellent advice to small businesses who need it."
Mr Conway said the small business package will provide accountants with a significant opportunity to advise their clients on how best to move forward in the new business-friendly environment.
“The deductibility of advice, the instant asset write-off and then the restructuring concessions as well will just mean the pressure is off a small business,” he said.
“They will sit back and think broadly about the direction of their business, they now don’t necessarily have government or the ATO breathing down their neck thinking there is going to be a hand in the pocket.
“It means the cash can be retained in the business and reinvested to boost growth,” Mr Conway said.