More than 7,000 small businesses across the North have taken advantage of the Coalition Government’s instant asset write-off, according to 2015-16 tax office data.
Northern based Government Senator Ian Macdonald said the instant asset write-off is directly helping small businesses increase their bottom line and improving cash flow, meaning more investment and job creation throughout the region.
“According to the data, 7,345 small businesses, from Mackay in the south to Cairns in the north have taken advantage of the asset write-off, meaning more money in their pockets so they can grow their businesses, employ more workers, and pay them more,” Senator Macdonald said.
Senator Macdonald said the Coalition Government increased the per-asset threshold of the instant asset write-off from $1,000 to $20,000, and extended the program until 30 June, 2018.
The turnover threshold has also been increased to $10million per year, giving even more small businesses access.
“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.
“Based on the uptake of this measure, it’s clear it is having a positive impact on the profitably of small businesses right across the North.”
Across the State, more than 70,000 small businesses have benefitted from this tax benefit, and nearly 300,000 across the country.