Permanent tax break for business under ALP

Labor has announced it will make the $20,000 instant asset write-off permanent to encourage businesses to invest more.

1 min read

Published 13 March 2018 11:02am

Source: AAP

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Australian businesses would get a permanent break on their taxes from a federal Labor government via a $20,000 instant asset write-off.

The Turnbull government first introduced the tax break for small and medium businesses in 2015/16 and extended it until June 30, 2018 in last May's budget.

Opposition Leader Bill Shorten announced on Tuesday his party would make the scheme permanent for all businesses to encourage new investment, costing the budget $3.4 billion over the forward estimates.

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