The Morrison Government continues to back small business with the announcement that it will extend the $150,000 instant asset write-off for six months to 31 December 2020.
Cairns and Far North Queensland businesses with annual turnover of less than $500 million will be able to take advantage of this extended timeframe to invest in assets to support their business as the economy reopens and coronavirus health restrictions continue to be eased.
Federal Leichhardt MP Warren Entsch said this extension is great news for local businesses and will give them additional time to acquire and install assets.
“Local businesses are the lifeblood of our economy and I want to do everything I can to assist them through this difficult time,” Mr Entsch said.
“These measures are designed to support businesses sticking with investment they had planned and encourage business to bring investment forward to support economic growth over the near term.
“I know of several businesses that have already taken advantage of this program which is great to see because it has injected much-needed cash into our local economy.
“Cairns and Far North Queensland businesses can rest assured that the Morrison Government will do all that is necessary to support them to bounce back stronger and get to the other side of this crisis.
The instant asset write-off also helps to improve cash flow for businesses by bringing forward tax deductions for eligible expenditure.
The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each costs less than $150,000.
These measures will support more than 3.5 million businesses nationally, employing more than 9.7 million employees.
