Senator David Pocock. Source: SmartCompany
article-article-body
Independent crossbencher Senator David Pocock is urging the government to “do more” to support small businesses in a tough economic climate, as early signs point to yet another parliamentary showdown over the instant asset write-off scheme.
Similarly, Coalition senators are also pushing for the small business tax break to be expanded beyond the government’s latest proposal.
As announced in the 2024-2025 federal budget, the Labor government is proposing a $20,000 limit for the instant asset write-off (IAWO) for the current financial year, allowing businesses with annual turnovers below $10 million to depreciate the full value of eligible business upgrades instantly.
ABOUT THE AUTHOR
Senior Business Journalist
David Adams is a senior business journalist at SmartCompany. He is interested in the challenges and opportunities facing Australian businesses, along with the influences of technology, culture, and a changing climate. Before SmartCompany, David served as a reporter for Business Insider Australia. You can find him on Twitter at @DavidAdams_AU.
Handpicked for you
“Shattered”: Beloved Victorian drinks maker Billson’s enters voluntary administration
Victorian distillery and tourist attraction Billson's has entered voluntary administration, after what co-owner Nathan Cowan called "vast and incomprehensible" challenges to the business.
‘Wages lower than retail’: Rural communities rue lack of access to childcare
Family daycare, where trained and registered educators provide care from their homes, could help solve the regional childcare crisis, but funding has been scarce due to scams.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.