Generous tax incentive extended for six months

The Morrison Liberal National Government’s $150,000 instant asset write-off program will be extended until December 31, 2020.

Business owners now have another six months to take advantage of the instant asset write-off which allows them to invest in their own businesses, as well as support other business owners who are the suppliers.

Multiple assets up to a cost of $150,000 each are tax deductible, so businesses can invest in work vehicles, machinery or other equipment to ensure they can optimise business performance and grow for the future.

It’s a generous incentive at a time when businesses need all the help they can get, and it’s a measure that can support more than 3.5 million business owners.

I’ve already heard from businesses in the region who have had a boost to their bottom line as a direct result of the instant asset write-off, so I am sure this news will be welcomed.