Asset write-off for businesses extended

Legislation to extend the instant tax write-off for small businesses buying assets worth up to $20,000 has passed parliament.

The instant tax write-off for small businesses buying assets for under $20,000 will be extended to June 2019.

The measure allows businesses with annual turnover of less than $10 million to immediately deduct purchases of most assets under $20,000.

The 12-month extension cleared parliament on Wednesday, continuing the scheme which was first introduced in the 2015/16 budget.