Australia’s largest voice for small business, the Australian Chamber of Commerce and Industry, welcomes the passage of a Bill through the Parliament today which puts in place the Budget measure announced on Tuesday night to improve the instant asset write-off, which will benefit businesses and the people who work in them.
“We are delighted to see the Government act quickly to get these changes dealt by Parliament, and to see the Opposition support this shot in the arm for small and medium and family businesses,” Australian Chamber CEO, James Pearson, said today.
“From today around 3.4 million businesses employing around 7.7 million workers will benefit, because the value that can be written off immediately is increased and it is being made available to many more businesses.
“The higher threshold – up from the previous $20,000 to $30,000 – and expansion of the write-off available to businesses with turnover up to $50 million, up from $10 million turnover, are strong responses to our lobbying. And what is powerful is that the write-off is available for multiple assets as long as each one is under $30,000 value – not just the purchase of one asset each year.”
“Expanding the size and accessibility of the scheme encourages more businesses to invest in productive equipment and technology and create more productive jobs.
“The Australian Chamber will call on the next government to make the write-off permanent, so small to medium businesses can plan their longer-term investments with more confidence.
“Getting the legislation through Parliament now means that businesses can get the full benefit of these improvements this financial year, as well as the next. Swift action shows that the Coalition and Labor understand that the investment decisions of small to medium businesses make a big difference to everyday Australians.
“That’s what’s behind our Small Business is a Big Deal campaign, which we launched last week to coincide with the federal election. The people in our networks across the country are telling candidates and talking with voters about the issues that matter to small business – particularly better workplace relations, improving skills and getting power prices down.”