Member for Forrest Nola Marino said nearly 300,000 Australian small businesses have taken advantage of the Turnbull Government’s instant asset write-off according to 2015-16 tax office data, including 33,750 small businesses in WA.
“The Turnbull 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 30 June 2018,” Mrs Marino said.
“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 so small businesses can reinvest to grow their business.
“These sound 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.
“This is just one part of the Government’s plan to boost the economy and help small businesses invest and grow.”