BIG VISION FOR SMALL BUSINESS
The Institute of Public Accountants (IPA) has shared its key advocacy drivers with hundreds of delegates attending the IPA national congress being held in Sydney.
“The IPA has articulated its Why factor as ‘Improving the quality of life of small business’,” said IPA chief executive officer, Andrew Conway.
“While that sounds laudable, we will not rest on our laurels and we will continue to follow that vision.
“Therefore, we are saying to government that more must be done to drive small business productivity, growth and prosperity; particularly if we are to see economic growth and protect our standard of living that we currently enjoy.
“Our primary message to policy makers is; think big, get out of the way of entrepreneurs, and watch small business truly drive productivity. Our Big Vision recommendations are:
- Broaden the base and lift the rate of GST (subject to the appropriate equity measures).
- Cut direct taxes.
- Undertake a zero-base design of a thoroughly modern taxation system.
- Reform and simplify the personal income tax scale.
- Standardise a company tax rate at 25%.
- States and territories to be held accountable to the Intergovernmental Agreement on Tax Reform to eliminate payroll tax and stamp duties. These revenues could be channelled into a state infrastructure fund to grow the economy.
- Commit an incoming federal government to hold a small business summit within the first six months of assuming office.
- The Prime Minister should form and chair a small business advisory council to provide direct policy input and options to the government to inform the COAG agenda with a core focus on productivity.
- The federal Small Business Minister should remain a permanent position in Cabinet, preferably with its own agency.
- The federal government should facilitate small businesses joining global value chains to remain competitive and access global markets.
“As public accountants, you play a major influential factor in assisting your small business clients achieve success,” Mr Conway told delegates.