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The Coalition has circulated amendments in the Senate to make the instant asset write-off permanent.
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CPA welcomes push to make instant asset write-off permanent
20 September 2024
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CPA Australia has welcomed the Coalition's push to make the instant asset write-off permanent and lift the threshold to $30,000 after the previous bill for the 2024 financial year was stalled for almost a year.
In a joint statement with the shadow treasurer, deputy leader of the opposition Sussan Ley said the Coalition circulated Senate amendments on Wednesday to implement the party's policy to make the instant asset write-off permanent for small businesses.
Ley noted that the previous 2023 instant asset write-off bill languished in the Senate for almost a year, limiting the ability of small businesses to make use of the measure.
"The Coalition will end the uncertainty and the annual stand off by making the instant asset write-off permanent and lifting the threshold to $30,000," she said.
Ley said the Coalition has urged Labor to back its amendments to provide greater certainty for millions of small businesses.
Shadow treasurer Angus Taylor said that with 50 per cent of small business lending secured against the family home, Australian small businesses are struggling in the current economy.
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“With national accounts data showing Australia’s private sector is not growing, this is the perfect policy to drive investment, boost productivity, and give small businesses a lifeline through Labor’s cost of doing business crisis," Taylor said.
CPA Australia tax lead Jenny Wong said the Coalition's support for making the instant asset write-off permanent was encouraging and aligns with the professional body's recent advocacy.
"We believe this measure will provide small businesses with much-needed certainty to plan for the future," Wong said.
"The delay in passing the bill has already caused small businesses to lose out on opportunities for the 2024 financial year."
Wong said small businesses needed certainty for their investment decisions.
"We support the increase to the threshold to $30,000 and making the instant asset write-off permanent."
“Time sensitive measures that benefit taxpayers should be progressed through parliament with greater urgency. Failure to do so damages business trust and confidence in government.”
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