Extending the $20,000 instant asset write off

The Government is continuing to back small business – introducing legislation to extend the instant asset write-off.

This legislation will deliver on our 2018-19 Budget announcement to extend the $20,000 instant asset write-off by a further 12 months to 30 June 2019.

Around 3.3 million small businesses across the country with an annual turnover of less than $10 million are eligible to access the $20,000 instant asset write-off.

The extension of this initiative benefits hardworking Australian small businesses, improving their cash flow and providing a boost to business activity and investment for another year.

This measure builds on the Government’s Enterprise Tax Plan to reduce company tax rates to 25 per cent to ensure Australian businesses can remain internationally competitive.

Keeping business competitive is part of the Government’s plan for a stronger economy, to create jobs and boost wages.

Source: Australian Government