Small business tax breaks reach parliament

Draft laws to extend the instant asset write-off for small business until June 30, 2020, have been introduced to federal parliament.

The federal government's plan to extend and lift the instant asset write-off for small businesses has been introduced to parliament.

The draft laws will see the instant asset write-off for small businesses extended to June 30, 2020, and lifted to cover purchases of up to $25,000.

"This bill will benefit small business by improving their cash flow and bringing forward investment," Assistant Treasurer Stuart Robert told the lower house as he introduced the bill on Wednesday.