Parliament House. Wikimedia Commons/Amritpal Singh Mann - Own work, CC BY-SA 4.0.
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 on Tuesday night.
The Treasury amendment bill, which underpins the instant asset write-off renewal and the $314 million Small Business Energy Incentive scheme, will grant small businesses access to both schemes for the 2023-2024 financial year.
In a statement, Minister for Small Business Julie Collins declared the bill’s passage a win for the entrepreneurial community.
“We’re focused on delivering responsible, practical assistance to small businesses so they can continue to invest and grow,” she said.
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