Our pre-Budget submission, which can be viewed in full on the IPA website, focuses on key areas of interest to the profession, particularly taxation and superannuation.
Some of the more significant recommendations incorporated in our pre-Budget submission include:
- the introduction of a concessionary rate of taxation for small business income to take into account the greater regulatory burden imposed on small business
- an urgent review of the Fringe Benefits Tax regime
- the introduction of legal privilege for registered tax agents
- tax deductibility for the cost of all financial planning advice
- tax deductibility for the cost of the services of a registered BAS agent
- the Government to present a tax reform blueprint, drawing on the Henry Tax Review and Tax Forum
- the development of a demographic-centric superannuation policy
- adequate ASIC funding to ensure that Future of Financial Advice reforms and other obligations are met
- the Government to maintain adequate funding for the Standard Business Reporting initiative.
This submission is congruent with the IPA’s focus on ensuring true representation of our members’ interests in all facets of our advocacy work, along with representation in the most relevant forums.
In accordance with this work¸I would like to recognise the diligent efforts of Bob Sendt, who resigned from his position as director on the Accounting Professional and Ethical Standards Board (APESB) in late January this year. Bob has been the IPA’s nominee on the APESB since we joined the Board in 2007, and has made a significant contribution to the development of appropriate and relevant standards for the profession. We thank Bob and wish him well for the future.
Equally, I am pleased to announce that Kevin Osborn FIPA – who features in our member profile on page 52 –will take up the role as our representative on the APESB. We wish Kevin well in these important endeavours.
