Enterprise tax plan receives green light
The Institute of Public Accountants has welcomed the Senate Economics Legislation Committee’s approval of the Enterprise Tax Plan, saying it will ease the tax burden for thousands of small businesses in Australia.
IPA chief executive Andrew Conway says the Senate committee agreed with the institute’s position that extending tax benefits to entities is warranted and likely to result in economic benefits that will pay for itself over time.
"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,” Mr Conway said.
"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, Mr Conway said the IPA supports the government proceeding with the bill and continuing pragmatic negotiations to ensure is 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.”