Instant Asset Write-Off Increase is a Boost for Small Business
Small businesses will get an extra tax break with the Australian Government extending the instant asset write-off to mid-2020.
Key issues for the dental industry —
The Australian Dental Industry Association (ADIA), the peak business organisation representing manufacturers and suppliers of innovating dental products, has welcomed the government’s announcement.
The tax break will also be lifted immediately to cover assets worth up to $25,000, up from $20,000.
This is the third year-long extension to the measure, with the current extension set to finish at the end of this financial year.
The asset write-off will allow businesses with a turnover of up to $10 million a year to instantly claim tax deductions on all equipment purchases worth less than $25,000.
The proposed change needs legislation, which the government intends to pass once parliament returns in February.
Previously, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell AO has called for politicians to boost the tax break to $100,000, whereas, the Australian Chamber of Commerce and Industry has called for the instant asset write-off to be permanent for small business.
Member Engagement —
ADIA provides leadership, strategy, advocacy, and support. Our members set our agenda, fund our activities, and directly benefit from the results. With respect to the Association’s work to support small business members, the team in the ADIA national office receive advice and guidance from members serving on national committees, who belong to special interest groups and who attend ADIA State Branch Briefings.
Further information —
For further information on this matter please send an email to [email protected] or telephone 1300 943 094. To keep up to date with all that’s happening in Australia’s dental industry following ADIA on Twitter at @AusDentaland on Facebook at www.facebook.com/dental.industry.
Currency & Disclaimer —
This update was issued on 31 January 2019 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy and also change regulatory compliance obligations. The statements, regulatory and technical information contained herein are believed to be accurate and are provided for information purposes only. Readers are responsible for assessing its relevance and verifying the accuracy of the content. To the fullest extent permitted by law, ADIA will not be liable for any loss, damage, cost or expense incurred in relation to or arising as a result of relying on the information presented here.
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Article Credit: https://www.adia.org.au/