The Institute of Public Accountants (IPA) has submitted its 2016 pre-Budget submission to the Government, highlighting the need for small business support.
IPA CEO, Andrew Conway, said the submission "puts forward a number of key policy recommendations, focusing particularly on the key pillars required for a more productive and dynamic small business sector". However, he said the recommendations within the submission are presented against the backdrop of a looming economic downturn.
"Apart from a deteriorating federal budget, the core of the nation's economic problem is its failure to lift business productivity for much of the past 15 years," Mr Conway said. "Sadly, this means that Australia's businesses collectively are barely more efficient than they were at the start of this century," he added.
Mr Conway said "this situation must be arrested now if we are to continue to enjoy the standard of living we enjoy today". In this regard, the IPA made a number of recommendations for small business support, which include a loan guarantee scheme, venture capital funding, building an innovation system, and boosting skills and human capital. The submission also reiterates IPA's call for robust tax reform.
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If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
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