The popular $20, 000 Instant Asset Write-Off has officially been extended until June 30, 2019.
If you’re an Australian small business turning over less than $10 million, you’ve been given another 12 months to take advantage of the scheme.
The Government states that the extra 12 months of the scheme will “improve cash flow for small businesses, providing a boost to small business activity and investment for another year.”
The program has seen a few different iterations and has been fighting Federal approval every year since its introduction in 2015.
Many small businesses — including many of you — love the scheme. Last year, the average write-off increased from $4, 000 to $9, 000.
As a reminder, the scheme allows small businesses to claim immediate deductions for asset purchases up to $20, 000. For more information on the scheme, visit our blog.