The instant asset write-off threshold has been increased from $25,000 to $30,000.
The federal government has used tonight’s budget to make further increases to the instant asset write-off threshold.
As of tonight, small businesses will be able to instantly write off asset purchases of up to $30,000, compared to $25,000 under the previous rules.
More businesses will also be able to access the benefit – the maximum turnover allowed for participating businesses has been increased from $10 million to $50 million.
“Around 22,000 additional businesses employing around 1.7 million workers will now be eligible to access the instant asset write-off,” according to the treasurer, Josh Frydenberg.
“More than 350,000 businesses have already taken advantage of the instant asset write-off.”
The instant asset write-off is a temporary measure that was introduced in the 2015-16 budget, and that was initially set at $20,000.
The government announced in February that it would increase the threshold to $25,000 from 1 July, but has now made the increase bigger and earlier.
The instant asset write-off will expire on 30 June 2020, unless it is again extended or made permanent.