Over three thousand small businesses have taken advantage of the the Instant Asset Write Off program in the 2015-2016 tax year. This is an increase of over fifty thousand claims from the previous year. The value of each claim has increased from just over $4000 to $9000. The program is aimed at helping small businesses retain more cash and grow. Thus, the businesses will presumably be able to employ more workers and increase investments in their local economy. Mark McCormack, the Small Business Minister, has heard many positive comments about this program from business owners. The positive effects of the programs has lead to government increasing the threshold amount of the instant asset program to $20,000 per asset, and extending the program until budget year 2018 in June.
Key Takeaways:
- Australian small businesses take advantage of the Coalition Government’s instant asset write off.
- Instant asset write off is just the help small businesses need.
- Program has increased the per-asset threshold and extended the program until 30 June 2018.
“Close to 300,000 Australian small businesses have taken advantage of the Coalition Government’s instant asset write off, according to 2015-16 tax office data.”
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