Marino encourages Small Business to apply for instant asset write-off

Member for Forrest Nola Marino is encouraging South West small businesses to make use of the instant asset write-off, as the Turnbull Government has extended it by a year to 30 June 2018.

Under the Liberal-led Government’s initiative, businesses with a turnover of less than $10 million are eligible to apply.

“The instant asset write-off is a practical initiative for small businesses,” Mrs Marino said.

Mrs Marino said this measure is important as it supports the major employer that is the small business sector.

“The Turnbull Government has cut the small business tax rate to 27.5 per cent, and we have further reduced the company tax rate to 25 per cent by 2026/27 to make Australia more globally competitive.

“We have also abolished $5.8 billion in red tape, saving business owners time to focus on growing their business.

“The instant asset write-off will improve cash flow for small business and provide a boost in productivity and help small business owners reinvest in their business.”

Below is a list of assets eligible under the instant asset write-off.

Tutoring service Interactive whiteboard
Barber New flooring
Craft brewer Beer fermenter
Concreter Concrete floor saw
Florist wholesaler Floral cooler
Architect Drafting table
Cleaner Steam cleaner/vacuum
Real estate agent Car
Restaurant owner Industrial dishwasher