The federal government’s $150,000 instant asset write-off has been extended another six months.
It was due to end by June 30, but has now been extended until the end of the year.
It’ll cost the budget an extra $300 million, but it’s hoped more than $3 million businesses will benefit.
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Treasurer Josh Frydenberg says it will help Australian businesses get back to what they do best.
“If you need a new coffee machine in your cafe, or an industrial oven in your restaurant, or a tractor on the farm, or a truck or a van to deliver your goods and your produce.
“This extension of the instant asset write-off for six months at a cost of 300 million dollars will help create jobs.
“We’ve been through some difficult times, but the nation has made some great progress.
“We’ll flatten the curve, and people are getting back to work.
“And we want businesses to do get back to doing what they do best, growing, innovating and hiring people across the economy,” Mr Frydenberg said.
Businesses with an annual turnover of less than $500 million are eligible.