Treasurer Jim Chalmers. Source: SmartCompany
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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.
Australian businesses with annual turnover below $10 million can currently use the write-off for purchases up to the value of $20,000, claiming a full tax deduction at an accelerated rate.
Last year’s budget extended the existing write-off into this financial year, instead of allowing it to revert to a threshold of $1000, however, legislation for the extension has yet to pass parliament.
It will now be extended through to the end of June 2025, reports the Australian Financial Review.
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Eloise Keating is the news editor of SmartCompany and Inc Australia. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on Twitter at @ellykeating.
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