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Small business owners lose out as parties argue over instant asset write-off bill

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Instant Asset Write-Off ニュース

Tax,Investment,Parliament

Cafe owner Rachel Power says her hope of buying a new dishwasher and fridges for her industrial kitchen under a budget promise last year to lift the instant asset write-off limit from $1,000 to $20,000 has been dashed, for now.

A bill for a key 2023 federal budget policy measure for small businesses remains stuck in parliament.A June 30 deadline looms for the bill to pass the Senate with just one week remaining where both houses will sit.

But with the bill still yet to pass Parliament, and a June 30 deadline before the current tax break expires, Ms Power told the ABC yesterday that it was too late for her to benefit from last year's budget promise to lift the threshold. "Small businesses, the backbone of our communities right across Australia, are buckling under the weight repeated interest rate hikes — 12 since Labor came to power," Shadow Treasurer Angus TaylorA spokesperson for Treasurer Jim Chalmers told the ABC "the only thing standing between small businesses and cashflow support this financial year is the grandstanding and delaying tactics of the opposition and crossbench".

"This will simplify depreciation for 2.5 million small businesses across Australia while giving them the certainty that they can plan investments on a longer-term basis rather than year to year." 'Bit like calling last drinks before the bar is even opened': Businesses want to apply for major 2023 budget announcement, but they can'tBritish PM Rishi Sunak calls snap general election for July 4

Disease, headhunting and spirits are believed to have forced people from this island. Now, humans are back to protect it'Hard to describe in words': First plane carrying Australians on turbulent Singapore Airlines flight touches down in Sydney

 

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