300,000 small businesses benefit from Instant Asset Write Off

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Close to 300,000 Australian small businesses have taken advantage of the Liberal Government’s instant asset write-off according to 2015-16 tax office data, including 33,750 in Western Australia, Federal Member for Pearce, Christian Porter said.

“The instant asset write-off is directly helping small businesses increase their bottom lines and improve cash flow which means more investment and job creation in our community,” Mr Porter said.

“In 2015-16, 2,685 businesses in our local community used the instant asset write-off. This means more money in the pockets of small businesses in Pearce so they can grow their businesses, employ workers and pay them more.

“That is why the Liberal Government increased the per-asset threshold of the instant asset write-off from $1,000 to $20,000 and extended the program in the Budget until 30 June 2018.

“Cash flow is so important for small business operators and the instant asset write-off means that tradies can invest in better tools, cafes and restaurants can upgrade their equipment and all small businesses can reinvest to grow their business.

“These great results are set to continue with tens of thousands more small businesses able to access the instant asset write-off thanks to the Liberal Government’s increase in the small business turnover threshold to $10 million per year.

“The extension of the instant asset write-off is just one part of the Government’s plan to boost the economy and help small businesses invest and grow.”

Small businesses are reaping the benefits of lower taxation after the Liberal 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.

You can find out more about the Government’s small business measures at www.business.gov.au/smallbusiness.