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Scott Morrison has promised further tax relief for small businesses in a speech that highlighted the importance of a strong economy.
Morrison is seeking to draw differences with Labor over economic policy and has announced the increase in instant asset write-off threshold to $25,000 effective immediately. The change is expected to cost $750 million over the forward estimates but allow qualified businesses to immediately deduct the cost of eligible assets until 2020.
The extension to the asset write-off program is set to run only until the end of the next financial year but according to the government, this is not new as plenty of government programs have a lifetime of three years to see how effective they really are, whether they need to be adjusted or changed later on.
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Labor has made inroads into the small business sector with its deduction policy which was released in March and would allow businesses to deduct 20% of new eligible assets over $20,000. Labor is seeking for the policy’s permanency but the government has only increased the deduction threshold to $20,000 on the 2015-16 budget and extended it in subsequent budgets.
Morrison almost warned Australia of the risk of entering a recession under a Labor government, saying he doesn’t want Australians to learn how important a strong economy is by having to endure the cruel lessons of a weaker economy under Labor.
Morrison also promised to create 1.25 million jobs over five years and said he was confident that most of these new jobs would be full time.
As you look for different ways to grow and improve your business, seeking professional advice from a business consultant could prove to be an important and helpful decision. Find out how you can take advantage of the small business tax relief.
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