FEDERAL small business minister Michaelia Cash spruiked the government’s instant asset write-off policy in the Forde electorate this week ahead of a likely election in May.
The minister visited Cream and Latte at Eagleby Shopping Centre, Garner Engineering at Loganholme and Mitre 10 with Forde MP Bert van Manen on Wednesday morning.
Minister Cash said the instant asset write-off threshold would be increased from $20,000 to $25,000 and the scheme would be extended for an extra year to June 20, 2020 when parliament resumes.
“Our government first introduced the $20,000 instant asset write-off in the 2015-16 Budget. In the first year alone, more than 300,000 small businesses took advantage of this opportunity – this equates to an average of approximately 800 businesses per day making an investment through this initiative,” she said.
Small businesses with an annual turnover of less than $10 million are eligible for the tax incentive.
Forde MP Bert van Manen said the policy was designed to help businesses reach their potential and create jobs.
“Gardner Engineering are just one example of a family business in the electorate of Forde who have been able to utilise the instant asset write-off to reinvest in the company and purchase a new drill,” Mr van Manen said.
“The Liberal National government understands that when business owners are able to keep more of their own money, they are able to invest back into business, boost productivity, grow the economy and create new and local jobs.
“The increase and extension of the instant asset write-off builds on our government’s record of backing small and medium businesses and the approximately 7 million Australians they employ.”
The Forde electorate is one of the most marginal government seats in the country, held by the LNP on a wafer-thin margin of 0.6 percent.
