Leading small business, farming and accounting groups have all called for the scheme’s extension beyond its scheduled June 30 expiration.

Even Small Business Minister Michael McCormack has urged his Treasurer Scott Morrison to continue the tax break, which had been “excellent for small business”.

Under the policy, small businesses have been able to purchase anything they need up $20,000 and instantly write off the expenditure. Prior to its introduction in 2015, the threshold for depreciable assets was only $1,000.

Examples of depreciating assets eligible for the scheme include vehicles, machinery, computers and office equipment.

The instant write-off applied to businesses with annual turnover of up to $2 million and was last year proposed to be extended to $10 million firms, although this legislation has not yet been passed by Federal Parliament.

The popularity of the tax concession saw almost 100,000 small businesses make claims in first six months of its operation, according to Treasury data. Businesses claimed a total of $418.5 million between July 1 and December 15, 2015, compared with only $250 million for the same period the year before.

Mr McCormack said he had made submissions to Mr Morrison to have the $20,000 instant write-off extended for at least another year when he handed down the May Budget.

“I’ve visited a number of small businesses who have proudly shown me what they’ve bought with that tax write-off and I’d like to see the program extended beyond June 30,” he said.

“From kitchen upgrades in a cafe in Forbes to offices with upgraded computers and photocopiers, new utes for tradies and almost everything in between, I have seen first-hand the benefit the $20,000 write-off can bring to business.”

Another strong advocate of the program is the Council of Small Business Australia, who called for an extension in its usual pre-budget submission to the Government.

COSBOA said providing additional cashflow to small business and opportunities for investment and innovation were important to stimulating economic activity and creating jobs.

“To further free-up finances and encourage small business owners to invest in modernisation or more employees, the Government should backdate the $20,000 amount,” the submission said. “It should apply to all to items that remain on a small business’ balance sheet which were purchased by the small business before it was introduced in 2015.”

Peak rural lobby group, the National Farmers’ Federation, also strongly supports the scheme which has allowed farmers to invest in things like fencing, fodder storage upgrades, dams, water tanks, irrigation channels and windmills.

It has also suggested an alternative and permanent scheme could be put in place that allows small businesses to deduct the first $5,000 of any investment.

Accounting group CPA Australia said in its budget submission that the simplified depreciation rules should become a permanent feature of the tax system.

“It has provided an important boost for SME capital investment, business optimism and jobs, and it has had a positive flow-on effect for many Australian retailers,” CPA Australia said.

“Our survey on how the policy initiative influenced small businesses found in October 2015 that over 30 per cent of small businesses had been positively influenced to purchase assets since the May 2015 budget by the instant asset write off scheme.”

The final word on the scheme’s extension goes to Michael McCormack: “The only person privy to that right now is Scott Morrison, but I hope it will continue in the next budget.”