Posts tagged "instant asset write-off"

Early signs point to yet another parliamentary showdown over the instant asset write-off scheme, as both Coalition senators and independent crossbencher Senator David Pocock say the small business tax break should expand beyond the government's latest proposal.

Small businesses will be free to claim immediate tax deductions under the $20,000 instant asset write-off scheme, and seek a bonus 20% deduction on energy-efficient upgrades, after a contentious and long-delayed bill passed in Parliament Tuesday night.

Small business figureheads fear the full $314 million in tax benefits expected under the Small Business Energy Incentive will go unrealised, with its delayed passage into law causing uncertainty among the business owners it was designed to help.

Legislation confirming a $20,000 instant asset write-off for the 2023-2024 financial year is likely to pass into law, as the Coalition backs away from contentious plans to expand the scheme.

Minister for Small Business Julie Collins has shied away from permanent changes to the instant asset write-off scheme, as small businesses endure another anxious wait for the cashflow-boosting measure to become law.

As EOFY approaches, accountants are struggling to advise SMEs on the $20,000 instant asset write-off, which is stuck in legislative limbo.

Warringah MP Zali Steggall has urged the government to support the amendment to the instant asset write-off legislation and deliver on its promises 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. 

In the lead up to the budget, COSBOA's Luke Achterstraat and CAFBA's David Gandolfo call on the government to raise the threshold for the instant asset write-off for small businesses.

Just under half of Australian small businesses have taken advantage of major SME-specific policies announced in the 2023-2024 federal budget, according to a new MYOB survey.

The instant asset write-off scheme will cover purchases worth $30,000 and will expand to medium-sized businesses, according to amendments passed in the Senate that significantly expand a plan put forward by the Albanese government.

The Coalition is pushing to expand the new-look instant asset write-off scheme, arguing it should cover eligible assets worth up to $30,000, up from $20,000 covered by the Labor government plan.