Treasurer Josh Frydenberg will move to expand the government’s business expense tax break, allowing companies with more than $5 billion in turnover to instantly deduct the cost of new capital investments.

Companies that make more than $5 billion in revenue, but less than that amount in Australia, will be eligible. That means employers including Dulux, Boral, Boeing, Brambles, Visy, Lion, Coca-Cola Amatil and GE will be allowed into the scheme, but businesses including BHP, Rio Tinto, Telstra, Wesfarmers, oil companies such as Caltex, energy companies such as AGL, and Insurance Australia Group are excluded.