Posts tagged "$20 000 instant asset write-off"

The Opposition leader promised to increase the instant asset write-off threshold to $30,000 and make the measure permanent for small business.

The headline small business measure in the 2024-25 federal budget is a 12-month extension to the $20,000 instant asset write-off, which if legislated, will help SMEs claim an immediate tax benefit on new assets through to June 2025. 

Since 2015, federal governments have offered an instant asset write-off to SMEs. It is about time the budget measure is made permanent.

Small businesses will have another 12 months to access the instant asset write-off, with the government set to extend the measure in Tuesday's budget.

Farmers say the federal government's refusal to extend the deadline for the instant asset write-off will leave them short-changed.

The government will extend its instant asset write-off but has not announced any plans to improve the awareness or accessibility of the program.

Another extension of the instant asset write-off scheme is on the cards ahead of MYEFO, small business Minister Michaelia Cash says.

While the government's instant asset write-off scheme forms a key part of its small business policy, a large number of firms aren't using it.

Tax breaks are few and far between, and the $20,000 instant asset write-off scheme is a ripper. But more than 60% of businesses aren’t ful…