Higher business asset write-off locked in

A tax break for small businesses buying new assets has been improved, with businesses now able to write off new assets worth up to $30,000.

Small businesses across Australia will now be able to instantly write-off assets they buy worth up to $30,000.

The Morrison government committed to raising the threshold for the tax break from $25,000 to $30,000 in Tuesday's federal budget.

The change cleared federal parliament on Thursday, with support from Labor.