An increase in the level of the instant asset write-off, from $20,000 to $25,000 for businesses with a turnover up to $10 million, has been welcomed by the National Retailers Association (NRA).
The decision announced by Prime Minister Scott Morrison will benefit three million small business operators and the scheme has been extended until June 2020.“It will encourage many business owners to make purchasing decisions that might otherwise have remained in the planning phase until next financial year,” NRA CEO, Dominique Lamb said.
“We know from experience as we move towards a federal election that discretionary retail activity can slow down, so we welcome any measure that will support small businesses and help keep employees in work. We believe this increase will allow them to invest further in their businesses and support their staff with new systems and equipment.
“We encourage both sides of politics to lock in behind the increased limit and timeframe,” she said.