Morrison's return is a response to Labor’s tax plans, says IPA

While there are a number of seats still to be determined, what is clear is that the return of the Morrison government was in response to a number of concerns including proposed tax policies, said the CEO of the Institute of Public Accountants, Andrew Conway.

“The threat to cap tax deductions for tax advice is no longer a prospect with Labor’s loss in this election,” said Mr Conway.

“This means every Australian can go to their public accountant with assurance they will obtain the appropriate advice come tax time for their circumstances.”

Furthermore, with the removal of refundable franking credits now off the table, self-funding your retirement is still a reality for Australians, Mr Conway explained.

He cautioned that there is still a dire need to restore some balance in the SMSF sector and the provision of financial advice. 

“The IPA will continue to advocate on behalf of our members and support good policy and equally call out policy that is not in Australia’s best interest," said Mr Conway.

Scott Morrison is expected to prioritise tax cuts and deliver them this financial year.

Celebrating the Coalition’s win on Sunday, Treasurer Josh Frydenberg told media that the government will focus on delivering tax cuts of up to $1,080 to Australians earning up to $126,000.

He added that Labor is expected to support this, having earlier backed the proposal.

The Morrison government revealed in its budget that it plans to cut the corporate tax rate to 25 per cent by 2021-22 – five years earlier than previously planned.

It said that fast-tracking these lower taxes should benefit around 970,000 small and medium companies that employ over 5 million workers.

A recent survey of the small business community, conducted by the Public Accountant, revealed that many small business owners are kept awake at night by tax worries.

Asked to disclose their key concerns ahead of the federal election, 34.5 per cent of small business owners answered with corporate tax, while 41.38 per cent said red tape was a big worry.