| September 18, 2018
Backing local small businesses to invest
Small businesses in Murray will continue to benefit from additional opportunities to invest in their business and replace or upgrade their assets with the $20,000 instant asset write-off.
The legislation delivers on the Coalition Government’s 2018-19 Budget announcement to extend the $20,000 write-off for a further 12 months to 30 June 2019.
Across Australia, there are more than three million small businesses with an annual turnover of less than $10 million that are eligible to access the write-off.
“Whether you’re a gardener purchasing a ride-on lawn mower, a café owner purchasing an industrial dishwasher or a courier purchasing a vehicle, I encourage small businesses in Murray to take advantage of the $20,000 instant asset write-off – if they’re not already,” Mr Drum said.
“In a report commissioned by the Australian Food and Grocery Council last month, the Murray electorate was home to more than $5 billion of economic output. Our small businesses play a big part in this economic output. Any help the Government can provide to our small businesses helps our local communities, by growing jobs and investment,” Mr Drum said.
In the 2015-16 Budget, the Coalition Government increased the immediate deductibility threshold from $1,000 to $20,000.
“Backing small business – the engine room of our economy – is part of the Coalition Government’s plan for a stronger economy and more jobs,” Mr Drum said.