Help for SMEs with the announced increase in Instant Asset write off
The Prime Minister this week has backed small business by announcing two improvements to the instant asset write off.
1. The deadline will be further extended from June 2019 to June 2020.
2. The amount is to increase from $20,000 to $25,000
The current ATO write off applies to businesses with a turnover of up to $10 million a year.
Scott Morrison said in Brisbane, "businesses can go out and invest today whether it is a vehicle whether it is a piece of plant or equipment."
Legislation is expected once Parliament returns. Labour has also pledged to continue the instant asset write off.
So this week looks like providing some security for those small businesses looking to make investment decisions over both the short and medium term.