The Institute of Public Accountants (IPA) has welcomed today’s announcement of the Government’s Jobs and Small Business package, saying it will be a huge step forward in driving small business innovation, productivity and growth.

The package is due to be announced as part of next week’s Federal Budget.

“The Institute has long advocated for measures that will release small business from the shackles of regulatory burden and we commend the Small Business package as an effective scene-setter for new small businesses to succeed in the market,” said IPA chief executive officer, Andrew Conway.

“Small business does it tough, especially those just emerging in the marketplace. To provide incentives such as being able to claim deductions for the cost of professional services in their infancy is a huge plus.

“For small business start-ups to do well, it is a reasonable expectation that they should seek professional advice; particularly from trusted advisers such as accountants.

“To be able to immediately claim deductions for such services will help businesses in terms of cash flow and their ability to invest in operational resources including their capacity to employ staff,” said Mr Conway.