Tasmania’s small and family businesses can continue to purchase equipment up to $20,000 and write it off immediately thanks to legislation passed by the Parliament today.
Senator Abetz called for an extension of the Instant Asset Write-off in January this year and was pleased that it was included in the 2017 Budget.“The $20,000 instant asset write-off is helping small businesses across Tasmania to purchase the equipment they need to grow and create opportunity and this important continuation of the programme will be of great assistance in Tasmania,” Senator Abetz said.
“The Government listened to feedback of small business owners and operators and extended the program in the Budget.”
“This announcement follows a number of other key small business initiatives which are underpinning jobs growth in Tasmania including reducing the small business tax rate to its lowest level in decades and redefining ‘small business’ to a $10 million annual turnover, up from $2 million.”
“Small business is the engine room of jobs growth – help small business and you help job creation.”
For more information on support for small business, please visit www.business.gov.au/smallbusiness.