The Institute of Public Accountants has called on the government to implement a simplified and targeted tax system for small business.
The call comes after the IPA’s recent launch of the Australian Small Business White Paper at a summit of industry leaders and key stakeholders held at Parliament House in Canberra.
IPA chief executive officer Andrew Conway said the white paper puts forward a number of recommendations for an improved tax regime for small business “to reduce tax-related compliance burdens which impede business growth”.
“These compliance burdens impose substantial costs of time and money which, when combined with other non-tax regulations, imposes major disincentives to employing staff,” said Mr Conway.
The IPA is calling on the government to offer “tangible incentives” to innovators and entrepreneurs to encourage their entry into, and long-term engagement with, the Australian small business sector.
“The sustainability and growth of small business is crucial to Australia’s economy, both in terms of productivity and prosperity,” Mr Conway said.
“We are encouraged by the current work being done by the Board of Tax which we expect will deliver some of the necessary actions to reduce the burden on small business; of course, then it will be up to the government to decide on these recommendations,” he added.
The IPA intends to submit the final Australian Small Business White Paper to government by this December.
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