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Extension of Instant Asset Write-Down welcomed; more action needed to end business uncertainty
12 Sep 2018 | Archive
Australia’s largest voice for small business, the Australian Chamber of Commerce and Industry, warmly welcomes the extension of the instant asset write-down for another year.
“It’s particularly positive that the bill got such broad support in both the House and the Senate,” Australian Chamber CEO, James Pearson, said today.
“Small business is the backbone of the country and accelerated depreciation is an extremely important measure in helping business to invest and grow.
“This is why more action is needed. We call on the Government to end the annual uncertainty associated with renewing the write-down and to do the right thing to support business by making it permanent.
“Businesses need certainty and policies that will support their ability to grow, hire and invest.
“To that end we also call on the Government to:
- Lift the current threshold of $10 million turnover so that more businesses can access the write-off.
- Index the $20,000 write-down amount to adjust for inflation.
- Bring forward tax cuts for small, medium-sized and family businesses which have already been passed by Parliament.
“It is critical that Government policy helps our business community to grow and prosper, so Australians can have the jobs, living standards and opportunities to which they aspire.”
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