Small BUSINESS INSTANT ASSET WRITE-OFF INCREASED TO $30000
Backing small business owners! The government recently announced additional tax relief for small and medium-sized businesses. Not only will they be extending the instant asset write-off for small businesses, but also increasing it by a further $5000, bringing the total to $30000.
The big news was delivered on 2 April 2019 on the second reading of the Appropriation Bill (No. 1) 2019‑20 by the Honourable Josh Frydenberg MP Treasurer of the Commonwealth of Australia.
“Already more than 350,000 businesses have taken up the instant asset write-off. And now, even more will have the chance to do so.”
In his budget speech, Treasurer Josh Frydenberg told the Federal Parliament that small businesses are the “engine room of the economy”, and now with increased backing from the government, more of them will be able to benefit from the cut-offs. The instant asset write-off will also be expanded to businesses with a turnover of up to $50 million. This will cover an additional 22,000 businesses, employing 1.7 million Australians.
With over 2 million small businesses set up around Australia, the tax cut is a positive sign that the government is taking vital steps to provide a solid foundation for SMEs to further grow in their respective industries. The reforms have came into effect on April 2nd. If you’re a small business owner, you should definitely take advantage of the write-off before it expires in 2020.
Pinpoint Digital has been at the forefront of championing SMEs with our mission is to empower local businesses and entrepreneurs to establish successful, sustainable and fulfilling businesses by educating them about their digital marketing needs. With the proposed tax cut, now more small business owners can take advantage of digital innovations and write it off as a business investment in the tax return for the year ahead.
Pinpoint Digital Marketing’s web solutions are eligible for the $30,000 Instant Asset Write-off! With the end of the financial year upon us, don’t miss this opportunity to get a professional and modern website for your business. Contact us to learn more.