Backing local small businesses to invest
October 1, 2018
Federal Member for Durack and Minister for the Environment Melissa Price welcomes the legislation to extend the instant asset write-off for small businesses.
Small businesses in Durack are set to benefit from additional opportunities to invest in their business and replace or upgrade their assets, with legislation to extend the $20,000 instant asset write-off passing the Parliament.
The legislation delivers on the Federal Government’s 2018-19 Budget announcement to extend the $20,000 write-off for a further 12 months to 30 June 2019.
Across Australia, there are more than three million small businesses with an annual turnover of less than $10 million that are eligible to access the write-off.
“Whether you’re a gardener purchasing a ride-on lawn mower, a café owner purchasing an industrial dishwasher or a courier purchasing a vehicle, I encourage small businesses in Durack to take advantage of the $20,000 instant asset write-off – if they’re not already,” Minister Price said.
“By growing the ability of Durack small businesses to invest, we grow their ability to employ more Durack locals.”
In the 2015-16 Budget, the Coalition Government increased the immediate deductibility threshold from $1,000 to $20,000.
“Backing small business – the engine room of our economy – is part of the Federal Government’s plan for a stronger economy and more jobs,” Ms Price said.