The Government has introduced legislation into Parliament (Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019) on 13 February 2019 that will boost and extend the instant asset write-off initiative.
The legislation will increase the instant asset write-off threshold from $20,000 to $25,000 and extend the initiative for another year from its existing June 2019 end-date to 30 June 2020.
This will enable more than three million small businesses across the country with an annual turnover of less than $10 million to access the new $25,000 instant asset write off effective from 29 January 2019, when this boost is announced.
The increase and extension of this initiative will improve cash flow for small business owners by bringing forward tax deductions, providing a boost to small business activity and encouraging more small businesses to reinvest in their operations and replace or upgrade their assets.
The Liberal Party are pretty proud of themselves with the passing of this bill. For more information visit the treasurer media release statement.