Please note: this is an old article
It was published in May 2017, so the information may be out-of-date.
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) welcomes the extension of the $20,000 instant asset write-off scheme announced in the Budget and a range of other pro small-business budget initiatives.
Following Scott Morrison’s budget announcement Inside Small Business spoke to a number of small-business owners and other executives immersed in the sector to gauge their reaction to the measures that will have the biggest impact on SMEs.
ASBFEO Kate Carnell also welcomed moves to hold banks to account and provide better access to justice for small business. She said the extension of the $20,000 instant asset write-off scheme from 1 July this year is a positive move for small businesses, which are defined as having a turnover of up to $10 million a year.
The instant asset write-off program allows small business to immediately deduct assets costing less than $20,000 instead of claiming deductions over a number of years. It is on a per asset basis allowing multiple claims for assets costing less than $20,000 to be deducted.
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