Labor Pledges to Extend Instant Asset Write-Off

The Albanese government has pledged a 12-month extension of the $20,000 instant asset write-off, offering small businesses with revenues up to $10 million another year to benefit from this measure.

While this is a positive step, we want to highlight that many in the industry, including CPA Australia and Chartered Accountants ANZ, believe the measure should be made permanent. The ongoing uncertainty around the write-off can hinder long-term planning, and a permanent solution would go a long way in providing the stability small businesses need to thrive.

The debate now focuses on making the instant asset write-off a permanent policy, with various parties calling for higher thresholds and more stability.

For small businesses, this extension is a step in the right direction, but the need for permanent reform remains a crucial issue.

If you would like to discuss how the instant asset write-off could benefit your business, please do not hesitate to contact our office.