Tasmanian small businesses 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 Coalition 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 all Tasmanian small businesses to take advantage of the $20,000 instant asset write-off – if they’re not already,” Nationals Senator for Tasmania Steve Martin said.
“By growing the ability of Tasmanian small businesses to invest, we grow their ability to employ more 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 Coalition Government’s plan for a stronger economy and more jobs.