More small businesses take advantage of tax break

Businesses with less than $10 million annual turnover can still instantly write off asset purchases up to $20,000.
Businesses with less than $10 million annual turnover can still instantly write off asset purchases up to $20,000.

New England MP Barnaby Joyce said his electorate had one of the highest take-ups of the $20,000 instant asset write-off according to 2015/16 tax office data, with Tenterfield accounting for 135 of the 955 small businesses in New England taking advantage of the tax break.

“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.

“In 2015/16, the number of small businesses using the incentive increased by 50,550 nationally and the average amount claimed increased by $4065 to $9000. 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.

The program has been extended until June 30, 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,” Mr Joyce said.