Federal Member for Hume Angus Taylor says the electorate’s 15,336 small businesses can continue to purchase equipment up to $20,000 and write it off immediately thanks to legislation passed by the Senate.
“Around my electorate I have heard from hundreds of small businesses how helpful the $20,000 instant asset write-off is to purchase the equipment they need to grow and create opportunity,” Mr Taylor said.
“The government listened to feedback of small business owners and operators and extended the program in the Budget.
“Australia’s 3.2 million small businesses now have the freedom needed to purchase new equipment and expand, thanks to the Budget Bill which passed the Senate last Thursday (June 15).”
Mr Taylor said recent tax cuts for small business – which delivered a 27.5 per cent tax rate – also redefined ‘small business’, meaning more Australian businesses are now eligible for the instant asset write-off.
“In cutting the small business tax rate to its lowest level in 50 years we also redefined ‘small business’ to a $10 million annual turnover, up from $2 million,” Mr Taylor said.
“This means thousands more small businesses are now eligible for the write-off, as well as paying less tax.
“Shopping local is a great way to see the small business investment benefit the local community, as each and every additional dollar spent locally injects confidence in that community.
[social_quote duplicate=”no” align=”default”]“Small businesses always back their regions and I urge them to use the instant asset write-off extension to keep that money flowing around local communities to build the economy and create jobs.[/social_quote]
“Investment will help create local jobs and opportunities for more Australians as more small businesses grow and expand into the future.
“At the recent Small Business Roadshow in Camden, the Small Business Minister Michael McCormack and I were very encouraged by the level of support for what the Coalition Government is doing for small business.
“Small business is the engine room of our economy, that’s why we’re backing them with tax cuts, simpler paperwork and the instant asset write-off program.”
For more information on support for small business, please visit the website for small business here.
