The government will extend the small business instant asset write-off until June 2020 and increase it by $5000 to $25,000.
Prime Minister Scott Morrison announced the extension in his first economic speech for the year in Queensland on Tuesday.
“We are so serious about small and family business and we have put our money where our mouth is,” he said.
The extension matches Labor’s pledge to continue the instant asset write-off and goes further by increasing the amount that can be claimed.
“Businesses can go out and invest today whether it is a vehicle whether it is a piece of plant or equipment,” he said.
The Prime Minister said Treasurer Josh Frydenberg will introduce the legislation when parliament returns in a fortnight and it will be a “very high priority”.
The instant asset write-off was first introduced in 2015 and has been extended every year since then.
Cara Waters – Brisbane Times – 29 Jan 2019