iscover Moves to make instant asset write-off permanent applauded
BusinessThe federal opposition plans to make the instant asset write-off for SMEs a permanent feature of the tax system, which has been well received by advisers to small business.
According to its costings, released last week, the Labor Party would retain the $30,000 instant asset write-off for SMEs, introduced as part of the government’s federal budget in April.
Further, a new measure would enable all Australian businesses, regardless of size, to “immediately deduct 20 per cent of any new eligible asset worth more than $20,000”.
RSM Australia’s senior manager of tax services, Tracey Dunn, said that making the instant asset write-off a permanent fixture is a win for the small business community.
“Small businesses would be more likely to benefit from this measure if it were made a permanent part of tax legislation, reducing complexity and letting small businesses bring forward the purchase of business assets when the business is ready to grow,” she said.
