Small businesses in the South West have been encouraged to make use of the instant asset write-off, as the Turnbull Government has extended it by a year to 30 June 2018.
Under the Liberal-led government’s initiative, businesses with a turnover of less than $10 million are eligible to apply.
Member for Forrest Nola Marino said the write-off would help small business owners reinvest in their business.
“The instant asset write-off is a practical initiative for small businesses,” Mrs Marino said.
“The write-off will improve cash flow for small business and provide a boost in productivity.”
Mrs Marino said this measure is important as it supports the major employer that is the small business sector.
“The Turnbull Government has cut the small business tax rate to 27.5 per cent, and we have further reduced the company tax rate to 25 per cent by 2026/27 to make Australia more globally competitive,” she said.
“We have also abolished $5.8 billion in red tape, saving business owners time to focus on growing their business.”
There are a number of assets eligible under the instant asset write-off including a courier van for courier services, a car for real estate agents, an industrial dishwasher for restaurant owners and a steam cleaner or vacuum for cleaning services.
For more information, visit the Australian Taxation Office website.
