Helping small business invest

22-Oct-2017

More than 1800 North-West small businesses have utilised the Federal Government’s instant asset write-off.

 

Liberal Senator for Tasmania Stephen Parry said the initiative is directly helping small businesses improve cash flow, which means more investment and job creation.

 

“Tax office data shows that across Tasmania 7150 small businesses participated in the instant asset write-off, with 1835 across the North-West,” he said.

 

“These businesses have purchased an asset that costs less than $20,000 and have been able to immediately deduct it in their tax return. It’s benefiting everyone from tradies to café owners, allowing small businesses to reinvest and grow.

 

“In 2015-16 the average amount claimed across the programme increased by $4,065 to $9,000.”

 

The Federal Government is focussed on supporting small businesses and their staff, which is why it has increased the per-asset threshold of the instant asset write-off from $1,000 to $20,000 and extended the programme until 30 June 2018.

 

The extension is part of a plan to assist small businesses and boost the economy.

 

Small businesses are also reaping the benefits of lower taxation after the Government recently secured tax cuts for around 3.2 million small and medium Australian businesses employing 5.6 million workers as part of its Ten Year Enterprise Tax Plan in the 2016–17 Budget.

 

For more information about the government’s small business measures, visit www.business.gov.au/smallbusiness




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