Almost 300,000 small businesses have taken advantage of the Government’s $20,000 instant asset write-off according to 2015-16 Tax Office data, Minister for Small Business Michael McCormack says.
In 2015-16, the Minister said the number of claims increased by 50,550 and the average amount claimed increased by $4,065 to $9,000.
In the 2017-18 Federal Budget on 9 May 2017, the Government announced an extension to the 2015-16 Budget measure providing an instant asset write-off provision for small business –
Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30PM on 12 May 2015 and 30 June 2018 (the threshold amount had been due to revert to $1,000 on 1 July 2017). This deduction is used for each asset that costs less than $20,000, whether new or second-hand.