Thousands claim instant asset write-off in New England
23 Oct 2017
Nearly 300,000 small businesses have taken advantage of the Coalition Government’s $20,000 instant asset write-off according to 2015-16 tax office data, including thousands here in the New England.
“The instant asset write-off is directly helping small businesses increase their bottom lines and improving cash flow which means more investment and job creation in the New England,” Mr Joyce said.
“Right across the electorate from Tenterfield to Scone, businesses by the hundred are snapping up this opportunity to get ahead.
“Figures provided to my office show Tamworth has one of the highest take-ups in the New England with 955 small businesses instantly deducting assets up to $20,000.
“In 2015-16, the number of small businesses using the incentive increased by 50,550 nationally and the average amount claimed increased by $4,065 to $9,000.
“This means more money in the pockets of small businesses in New England so they can grow their businesses, employ workers and pay them more.
“That is why the Coalition Government increased the per-asset threshold of the instant asset write-off from $1,000 to $20,000 and extended the program in the Budget until 30 June 2018.
“Cash flow is so important for small business operators and the instant asset write-off means that tradies can invest in better tools, cafes and restaurants can upgrade their equipment and all small businesses can reinvest to grow their business.”
The great results will continue with tens of thousands more small businesses able to access the instant asset write-off thanks to the Coalition Government’s increase in the small business turnover threshold to $10 million per year.
The extension of the instant asset write-off is just one part of the Government’s plan to boost the economy and help small businesses invest and grow.
Small businesses are reaping the benefits of lower taxation after the Coalition Government recently secured tax cuts for around 3.2 million small and medium Australian businesses employing 5.6 million workers as part of its 10-year Enterprise Tax Plan in
the 2016–17 Budget.
You can find out more about the Coalition Government’s small business measures at business.gov.au/smallbusiness
Number of New England small businesses by postcode using the instant asset write-offs:
Armidale (postcode 2350): 370
Tamworth (2340): 955
Inverell (2360): 205
Glen Innes (2370): 200
Tenterfield (2372): 135
Guyra (2365): 150
Walcha (2354): 210
Quirindi (2343): 210
Murrurundi (2348): 50
Scone (2337): 190
Merriwa (2329): 75
Aberdeen (2336): 50
Total from 12 postcodes: 2,800