$20,000 Instant Tax Write-off Extended
13th June 2017
The National Farmers’ Federation spearheaded a successful campaign to retain the popular write-off, originally due to expire on June 30.
The scheme allows farmers to get all of their tax back straight away and buy multiple lots of $20,000 items to bring their income down a bit come tax time.
The tax deduction, introduced in Joe Hockey’s 2015 Budget, allowed small businesses with an annual turnover up to $2 million to invest in items they might not otherwise be able to afford.
More farmers than ever will now be able to claim the write-offs because the “small business” umbrella was expanded from $2 million to $10 million.
Accelerated depreciation is helping our farmers invest for the future, and it is fantastic that the Government has sided with industry on this for another year. To date, the scheme has assisted many business owners by allowing them to improve cash flow, upgrade assets and reinvest in their businesses.