Senate passes $20000 instant asset write off the extension
After a brief wait and long deliberation in regards to making the $20k write-off a permanent feature of the tax system for small business there is welcome news for small business operators and startups. There are around 3.3 million small businesses who have a turnover of less than $10 million in Australia and now they have the freedom to purchase and expand their asset as they are eligible for an instant write off of $20,000 on eligible asset purchases. The Senate on 12th of September 2018 re-instated the $20,000 instant asset write off for the next financial year.