Positive news for small businesses in that the Prime Minister announced on the 29th January 2019 that the instant asset write-off for small businesses will be extended until 30th June 2020 instead of 2019.
The threshold has also increased from the current $20,000 to $25,000. The $25,000 will be effective from 29th January 2019 – 30th June 2020.
It is important to note that this change must be passed by parliament. The government intends to introduce a Bill when parliament resumes on 12th February 2019.
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