‘Put our money where our mouth is’: Government extends SME write-off

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.

In his speech the Prime Minister said there were more than 150,000 additional small businesses in Australia since the government was elected five years ago.

“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.

The federal government has championed the policy as a win for businesses who need to purchase equipment as well as those selling it. Read more

Cara Waters – Brisbane Times – 29 Jan 2019