17 September 2018
Gold Coast small businesses are set to benefit from additional opportunities to invest in their business and replace or upgrade their assets, with legislation extending the $20,000 instant asset write-off passing the Parliament.
The legislation delivers on the Coalition Government’s 2018-19 Budget announcement to extend the $20,000 write-off for a further 12 months to 30 June 2019.
More than 73,000 Gold Coast small businesses with an annual turnover of less than $10 million are eligible to access the write-off.
“Whether you’re a gardener purchasing a ride-on lawn mower, a café owner purchasing an industrial dishwasher or a courier purchasing a vehicle, I encourage Gold Coast small businesses to take advantage of the $20,000 instant asset write-off – if they’re not already,” Mr Ciobo said.
Local business Dairy Free Down Under owner Kevin Flanagan said he supported any initiative helping small businesses, which are the backbone of our economy.
“We launched our vegan range of cheeses and dips in March this year and are currently going through rapid growth – we now have 40 employees and our products are in about 900 retail outlets that support Australian small businesses including Costco and independents like IGAs, Foodworks, Go Vita and Flannerys as well as several fast food chains,” Mr Flanagan said.
“Demand for our vegan range has meant several expansions, with more planned and we’ve had to invest in automated machinery for our production line, so we’re definitely going to look into the instant asset write-off as it will assist us in our staged growth.”
In the 2015-16 Budget, the Coalition Government increased the immediate deductibility threshold from $1,000 to $20,000.
Backing small businesses is part of the Coalition’s plan for a stronger economy and more jobs.