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Aus Gov't Hails Success Of Asset Write Off Program

by Mary Swire, Tax-News.com, Hong Kong

17 October 2017


Nearly 300,000 Australian small businesses have taken advantage of the Government's instant asset write-off scheme, according to Small Business Minister Michael McCormack.

McCormack said that, in 2015-16, the number of claims increased by 50,550, and the average amount claimed rose by AUD4,065 (USD3,189), to AUD9,000. Tax office data shows that close to 300,000 small businesses have now taken advantage of the scheme.

The measure allows small businesses to immediately deduct the business portion of most assets, providing they cost less than a government-set amount.

The Government recently increased the per-asset threshold for the scheme from AUD1,000 to AUD20,000, and extended the program until June 30, 2018. The deduction can be used for each asset that costs less than AUD20,000, whether new or second hand. It can be claimed through a business's tax return in the year in which the asset was first used or installed for use.

The Government also increased the small business turnover threshold, meaning that a company with a turnover of up to AUD10m a year can benefit from the instant asset write-off program.

McCormack commented: "The instant asset write-off is directly helping small business bottom lines and improving cash flow for small business which means more investment in local communities, higher wages, and more local job communities."

TAGS: tax | investment | small business | business | tax incentives | Australia | tax thresholds | small and medium-sized enterprises (SME) | tax breaks | tax reform

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