Login
iscover
The federal opposition plans to make the instant asset write-off for SMEs a permanent feature of the tax system, which has been well received by advisers to small business.
Newsletter
Moves to make instant asset write-off permanent applauded
15 May 2019
•
7 minute read
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
According to its costings, released last week, the Labor Party would retain the $30,000 instant asset write-off for SMEs, introduced as part of the government’s federal budget in April.
Further, a new measure would enable all Australian businesses, regardless of size, to “immediately deduct 20 per cent of any new eligible asset worth more than $20,000”.
RSM Australia’s senior manager of tax services, Tracey Dunn, said that making the instant asset write-off a permanent fixture is a win for the small business community.
“Small businesses would be more likely to benefit from this measure if it were made a permanent part of tax legislation, reducing complexity and letting small businesses bring forward the purchase of business assets when the business is ready to grow,” she said.
You are not authorised to post comments.
Comments will undergo moderation before they get published.