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The federal government is deferring the vote on the ‘instant asset write-off’ tax law to next year.
The law was supposed to be reviewed this year, but due to the government and opposition not reaching an agreement on the threshold, it is being postponed.
The instant asset write-off law allows small businesses with an aggregated turnover of less than $10 million to immediately deduct the full cost of eligible assets costing less than $20,000.
The Australian Chamber of Commerce and Industry (ACCI) lobbied to have the threshold increased to $50,000 and be made a permanent feature of the tax system.
ACCI chief executive officer Andrew McKellar said the fact the vote has been kicked down the road is not good for small businesses. “This is a real poke in the eye for small business as it means more uncertainty for business owners wanting to invest in new assets,” said Mr McKellar.
#accountant #tax #business
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