McMillan’s 18,000 small businesses can continue to purchase equipment up to $20,000 and write it off immediately thanks to legislation passed by the Senate, Member for McMillan Russell Broadbent said.
“Around the electorate I have heard from countless small businesses about how helpful the $20,000 instant asset write-off is to purchase the equipment they need to grow and create opportunity,” Mr Broadbent said.
“The Government listened to feedback of small business owners and operators and extended the program in the Budget.
“I have seen firsthand how small businesses across the electorate use it to grow, invest in themselves and get more customers through the door.”
Mr Broadbent said recent tax cuts for small business – which delivered a 27.5 per cent tax rate – also redefined ‘small business’, meaning more local businesses are now eligible for the instant asset write-off.
“In cutting the small business tax rate to its lowest level in many, many decades we also redefined ‘small business’ to a $10 million annual turnover, up from $2 million,” Mr Broadbent said.
“This means thousands more small businesses are now eligible for the write-off, as well as paying less tax.
“Small businesses always back their regions and I urge them to use the instant asset write-off extension to keep that money flowing around local communities to build the economy and create jobs.”
For more information on support for small business, please visit www.business.gov.au/smallbusiness.