The instant asset write-off scheme will cover purchases worth $30,000 and expand to medium-sized businesses, according to amendments passed in the Senate that significantly expand upon a plan put forward by the Albanese government.
Under its proposed tweak to Treasury laws, the Labor government intended to set a new instant asset write-off threshold of $20,000 for 2023-2024, instead of allowing it revert to $1000 at the start of the financial year.
But on Wednesday afternoon, the upper house backed an amendment from Liberal Party Senator Jane Hume to boost the threshold to $30,000.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
