Government's instant write-off extension

Category: Tax   Posted: 01,Feb 2019

The government’s announcement to not only extend the instant asset write-off for small business but also the increase in the limit from $20,000 to $25,000. The PM Scott Morrison announced on Tuesday that the $20,000 write-off will be extended to 30 June, 2020, and will be increased by $5,000.
This will allow businesses with less than $10 million in turnover to write off purchased assets under $25,000 in their tax return up until mid-2020.
We support any increase of the threshold, but hopes it will become a permanent feature of government policy. We hope the instant asset write-off to become a permanent feature of the small business tax regime and not just a ‘maybe’ come federal budget time each year. However, PM made the right move to futher assist the small business. Small business is the backbone of the Australian economy.