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PRESS RELEASE: Small business loses out again
| Posted on 14 May, 2013 at 22:28 |
PRESS RELEASE: Small business loses out again
Tuesday, 14 May 2013
Small businesses across Australia can expect further pain this year
thanks to tonight's Federal Budget which has again foregone any
recognition of the value of the small business sector, according to
the Institute of Public Accountants (IPA).
"Instead of a reduction in the regulatory burden and provision of
long sought after tax breaks to support the vital small
business sector, we find ourselves with yet another Budget that
will do nothing to promote the small business sector," said IPA
chief executive officer, Andrew Conway.
While we welcome measures such as the Industry Innovation
Precincts, Enterprise Solutions Program and changes to the venture
capital regime, there is nothing substantial to create sustainable,
long term improvements in productivity.
"The contribution of small business to the Australian economy
speaks for itself. There are 2.7 million small businesses in
Australia; which represents 96% of all businesses; employing 47% of
private sector employment; and they contribute 35 % GDP.
"In the IPA's pre-Budget submission he IPA made a number of
recommendations to the Government on behalf of small business.
These included adopting a concessionary rate of tax for small
business balanced by removing complicated tax concessions.
"The Government's claim that it has acted on a third of 138
recommendations from the Henry Tax review is not a proud record of
tax reform.
"The Budget is noticeable for what it doesn't include rather than
inclusion of any significant measures for reform. We
need a plan to build and sustain the future wellbeing of the small
business sector so that it can continue to make a vital
contribution to the Australian economy", said Mr Conway. |
Categories: Press Releases
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