12 September 2018

$20,000 instant asset write-off extension passes Parliament

The Coalition Government’s strong record of supporting small business continues today, with the Senate passing legislation to extend the $20,000 instant asset write-off.

The instant asset write-off is part of the Coalition Government’s plan for a stronger economy and more jobs. By growing small and medium business, we grow their ability to reinvest and employ more Australians.

The legislation delivers on the Coalition Government’s 2018-19 Budget announcement to extend the $20,000 write-off for a further 12 months to 30 June 2019.

Across Australia, there are around 3.3 million small businesses with an annual turnover of less than $10 million that are eligible to access the write-off.

As a result of the successful passage of this legislation, these businesses will now have additional opportunities to reinvest in their business and replace or upgrade their assets.

The extension of this initiative is another way the Coalition Government is delivering for small and medium business, including:

  • cutting the company tax rate for businesses with an annual turnover less of than $50 million from 30 per cent to 25 per cent, with businesses already benefiting from a 27.5 per cent rate;
  • abolishing $5.9 billion worth of red tape and introducing a simplified BAS (business activity statement);
  • protecting them from union thuggery through the Australian Building and Construction Commission (ABCC); and
  • signing free trade agreements with China, Japan and South Korea as well as the Trans-Pacific Partnership.

Our plan is in contrast with Labor’s war on small business that will see them put up taxes, slug small business with higher electricity bills and give militant unions a free hand to strangle the small business sector.