In the run-up to the election, the Labor party has committed to continuing the asset write off scheme for another year
Prime minister Anthony Albanese has announced that if re-elected, the Labor government will extend the $20,000 Instant Asset Write Off scheme for 12 months.
Under the extension, small businesses will continue to be able to deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use by 30 June 2026.
The threshold applies per asset, which means small businesses can claim multiple purchases, from new tools to computers and other office equipment.
“Small businesses are the lifeblood of our economy and Labor wants to see them continue to thrive and grow as we build Australia’s future,” Albanese says.
“That’s why we are extending the $20,000 small business asset write off by another 12 months.
“This is on top of our other initiatives to support small business including additional energy bill relief for around one million small businesses.”
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