Millions of small businesses with turnover of up to $10 million will be able to write off the value of new equipment worth up to $20,000.
The threshold for write-offs on eligible assets had been due to drop to $1000 at the end of the financial year, but Tuesday’s federal budget increased the rate to $20,000, in a 12-month extension to June 30 next year.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
