The government has announced plans to raise the threshold for the instant asset write-off to $25,000 (up from $20,000) and extend it for another year to 2020. It had been due to expire at the end of the current financial year.
The write-off will be available for business with an annual turnover of less than $10 million.
This is good news for small businesses looking to purchase a new or second-hand asset, such as a vehicle, or major piece of equipment.
“The scheme allows small businesses to immediately deduct assets costing less than $25,000 instead of claiming deductions over a number of years and there is no limit on how many assets can be claimed.”
The move should assist to further stimulate small business investment.
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