More than 3000 Farrer businesses benefit from instant asset write-off

More than 3000 Farrer businesses benefit from instant asset write-off

New ATO figures indicate close to 300,000 Australian small businesses took advantage of the Coalition Government’s instant asset write-off in 2015/16, including 3625 across Farrer.

Local MP Sussan Ley said “the instant asset write-off is directly helping our local small businesses increase their bottom line and improve cash flow, which means more investment and job creation in Farrer”.

Of the 3625 businesses in the electorate, the majority come from the two main population areas in or surrounding Albury/Lavington (1670) and Griffith (1435), with the balance (520) spread across the Mid Murray and south west of the electorate.

“The instant asset write-off means a tradie can invest in better tools, café or restaurant can update kitchen equipment, an office might need a computer upgrade; it is all about being able to reinvest to grow your cash-flow.”

“There is also no limit to how many assets you can claim the deduction for, however each one must cost less than $20,000.”

“Research suggests up to two-thirds of businesses are underutilising this deduction, and many thousands more can now benefit after we increased the businesses turnover threshold to $10m per annum.”

“This is just one part of the Government’s plan to boost the economy and help small businesses invest and grow”, Ms Ley concluded.

More details on the instant asset write-off is here – and for more on the Coalition Government’s small business measures go to business.gov.au.