Instant asset write off to be increased to $25k

Yesterday, The Morrison Government announced its intention to increase the instant asset write off to $25k.

The write off will be for small businesses with a turnover of below $10m and will be available until 30 June 2020.

This is a great outcome for small businesses and will allow small businesses to bring forward their deductions for assets, improves cashflow and simplifies their record keeping obligations.

The government will attempt to legislate the changes when parliament resumes on 12th February 2019.