Instant Asset write-off extended
According to Jason Falinski’s 13 February Newsletter:
Today the Liberal Government announced that we will increase and extend the instant asset write-off from $20,000 to $25,000, effective immediately.
Small businesses with an annual turnover of less than $10 million will have access to the new $25,000 incentive from now until 30 June 2020.
As a previous small business owner, I know that when businesses are able to keep more of their own money, they are able to invest back into the business, boost productivity, grow the economy and create new and local jobs.
This announcement builds on our Government’s record of backing small and medium businesses and the approximately seven million Australians they employ.
The Liberal Government has delivered:
Tax relief for incorporated small and medium businesses, with turnovers of less than $50 million per annum. These companies will move to a 25 per cent tax rate by 2021-22;
An increase to the rate of the tax discount for unincorporated small businesses with a turnover below $5 million to 16 per cent by 2021-22; and
An increase to the small business entity turnover threshold from $2 million to $10 million per annum, which has extended access to a range of tax concessions.