Local small businesses have taken advantage of the Federal Government’s instant asset write-off according to 2015-16 tax office data
Hundreds of these businesses were in the federal seat of Hume, and included 325 in Camden, 275 in Narellan, 115 in Picton, 75 in Bargo, 35 in Tahmoor, 75 in Warragamba and 35 in Thirlmere.
“The instant asset write-off is directly helping small businesses to increase their bottom lines and improve cash flow which means more investment and job creation,” says the Federal Member for Hume Angus Taylor.
“Nationally, in 2015-16, the number of claims increased by 50,550 and the average amount claimed increased by $4,065 to $9,000,’’ he said.
“This means more money in the pockets of small businesses so they can grow their businesses, employ workers and pay them more,” Mr Taylor said
“That is why the Coalition 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 June 30, 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.
[social_quote duplicate=”no” align=”default”]“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 Coalition Government’s increase in the small business turnover threshold to $10 million per year.[/social_quote]
“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,” Mr Taylor said.
Find out more about Federal Government’s small business measures at business.gov.au/smallbusiness
