There is a permanent 20000 instant asset tax write off for businesses that tops the SME wishlist. MYOB has found this out. A bi annual survey was done that asked 1000 small businesses what policies they would and would not vote for. The write off has been a huge boon for growing businesses.
- Seven in ten small businesses want the $20,000 instant asset tax write-off to continue past 30 June, this year, when it is due to expire, according to accounting software provider MYOB.
- While the total tax paid overtime does not change, the write-off brings forward the deductions from investing in new assets, enabling SMEs to claim their expense in one lump sum rather than depreciate it over several years.
- Within the first six months of the write-off being introduced, over one quarter of SMEs had already taken advantage of this measure with franchisors being the front runner at 51%
““From a small business perspective, higher levels of government dissatisfaction can often be linked to uncertainty and fears of instability,” Reed said.”