Small Business; Buy Now For Instant Tax Deductions On New Assets Less Than $20K

The $20k asset write-off as well as promising to lower general tax rates for small businesses was one of the major platforms that the Treasurer called his 10-year enterprise tax plan, which was introduced in the 2016 budget. The major change to the $20k asset write off is that in the 2017 budget it is available to all businesses up to and including $10 million annual turnover. In the 2016 budget, it was limited to businesses up to and including those with a $2 million annual turnover. Read more