Millions of Australian businesses that have faced a “very tough” time during the coronavirus crisis will get a $300 million helping hand.
The Federal Government’s $150,000 instant asset write-off scheme will be extended until the end of 2020 – and millions of businesses are set to benefit.
Treasurer Josh Frydenberg confirmed the program will now last a further six months, until December 31, at a cost of $300 million.
It is expected to help around 3.5 million Aussie businesses.
“(They) will be able to go and buy equipment or machinery, other materials for their business – up to $150,000 – and write it off straight away,” Mr Frydenberg told Sky News today.
“They can buy a pizza oven, they can buy a coffee machine, they can buy a new truck, a new tractor – they can buy new materials for their business.”
He said the tax incentive, which came into effect in March, would help businesses recover from the devastating COVID-19 outbreak.
“For a number of businesses it is very tough, but businesses aren’t just looking at today, they’re looking at tomorrow,” he said.