The threshold for write-offs on eligible assets had been due to drop to $1000 at the end of the financial year. The extension will benefit millions of businesses with turnover of up to $10 million.
Millions of small businesses with turnover of up to $10 million will be able to write off the value of new equipment worth up to $20,000.
, which allowed companies with a turnover of up to $5 billion to instantly deduct the full cost of eligible capital assets. The scheme is designed to help businesses bounce back from challenging economic conditions in the wake of the COVID-19 pandemic.Businesses with annual turnover of less than $50 million will have access to a bonus 20 per cent tax deduction for eligible assets supporting electrification and more efficient use of energy, from July 1 this year until June 30 next year.maximum bonus tax deduction being $20,000 per business.and medium enterprises in the October budget.
“We know economic conditions have been challenging for Australia’s small businesses, which is why the budget delivers this support.
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