Extension of Instant asset write-off

Extension of Instant asset write-off

On January 29, 2019 the Prime Minister announced that the instant asset write-off would be extended to 30 June 2020 and that the threshold would be increased to $25,000. These changes take effect from January 29, 2019.

This will enable over three million small businesses across the country with an annual turnover of less than $10 million to access the new $25,000 instant asset write-off from now until 30 June 2020.

· Tax relief for incorporated small and medium businesses, with turnovers of less than $50 million per annum. These companies will move to a 25 per cent tax rate by 2021-22;

· An increase to the rate of the tax discount for unincorporated small businesses with turnover below $5 million to 16 per cent by 2021-22; and

An increase to the small business entity turnover threshold from $2 million to $10 million per annum, which has extended access to a range of tax concessions.