Small businesses around Australia should be looking forward to the tax breaks on offer this financial year according to the Institute of Public Accountants (IPA).

“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,” said IPA chief executive officer, Andrew Conway.

“We were pleased last year when the Federal Budget reflected our 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.

“This discount is capped at $1,000 and the IPA will continue to advocate to up the ante on this current cap.

“And of course 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.

“Small businesses should maximise their advantage this coming tax return year by talking to their public accountant,” said Mr Conway.