5,700 small businesses use instant asset tax write-off in Electorate of Parkes
Thursday, 26 October 2017
CLOSE to 5,700 small businesses in the Electorate of Parkes have taken advantage of the Coalition Government’s instant asset write-off according to 2015-16 tax office data, the Member for Parkes, Mark Coulton said.
“The instant asset write-off is directly helping small businesses to increase their bottom lines and improve cash flow which means more investment and job creation in the Electorate,” Mr Coulton said.
He said across the nation 300,000 small businesses are taking advantage of the Coalition Government’s tax incentive.
“In 2015-16, the number of claims increased by 50,550 and the average amount claimed increased by $4,065 to $9,000. This means more money in the pockets of small businesses in the Electorate of Parkes so they can grow their businesses, employ workers and pay them more.
“That is why the Coalition Government increased the per-asset threshold of the instant asset write-off from $1,000 to $20,000 and extended the program in the Budget until 30 June 2018.
“Cash flow is so important for small business operators and the instant asset write-off means that tradies can invest in better tools, cafes and restaurants can upgrade their equipment and all small businesses can reinvest to grow their businesses.
“Landholders have invested in new water infrastructure, fencing, cattle and sheep yards and livestock scales. This has allowed producers and small business owners to take a significant step forward with their enterprises and introduce infrastructure that will hold them in good stead for years to come,” Mr Coulton said.
“The extension of the instant asset write-off is just one part of the Government’s plan to boost the economy and help small businesses invest and grow.”
Small businesses are reaping the benefits of lower taxation after the Coalition Government recently secured tax cuts for around 3.2 million small and medium Australian businesses, employing 5.6 million workers as part of its Ten Year Enterprise Tax Plan in the 2016–17 Budget.
You can find out more about the Coalition Government’s small business measures at business.gov.au/smallbusiness