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Irrespective of who wins the federal election this weekend, the Institute of Public Accountants believes small businesses around Australia will have tax breaks and benefits to look forward to in the new financial year.
Chief executive officer Andrew Conway said the IPA was particularly pleased last year, when the federal budget reflected the association’s “signature policy recommendation” of a cut in the small business tax rate via the small business income tax offset.
“Unincorporated small businesses can look forward to the tax discount of five per cent this financial year ending 30 June 2016,” Mr Conway said.
“This discount is capped at $1,000 and the IPA will continue to advocate to up the ante on this current cap,” he added.
Further, Mr Conway pointed out that those incorporated businesses should also “look forward” to the reduced income tax rate of 28.5 per cent.
“There are other tax measures that small businesses can benefit from such as the instant asset write-off up to $20,000,” he said.
“Small businesses should maximise their advantage this coming tax return year by talking to their public accountant,” he added.
“While the country is in election mode, small businesses should be reminded that the tax benefits introduced in the 2015 federal budget regardless of who wins the election.”