Instant Asset Tax Write-Off
Mr HOWARTH (Petrie) (12:07): I want to say to the small businesses in my community: there are only six business days left in this financial year, and now is a great opportunity to take advantage of the instant asset tax write-off. It means that any item up to $20,000 that you wish to purchase—it might be a new coffee machine for the office, solar panels for the roof to lower electricity prices, a new truck or work vehicle that you need, or perhaps some new IT equipment or a new phone system—you can instantly write off in this financial year in your tax return rather than letting it depreciate over a few years. It is a great opportunity for small businesses in my electorate of Petrie with a turnover of up to $10 million. It stimulates growth in the economy as you spend, but it also enables you to buy essential work items for your business that you can use and get an instant tax deduction for. So it is good news: with six days to go, make sure you go out and spend.
We have lowered company tax rates for businesses with up to $2 million turnover and up to $10 million turnover, and it will go further next year, with legislation now through—up to $50 million. This will enable each and every business to reinvest money back into their business, rather than paying additional tax to the government. It might be to hire some more casual staff on the weekends, or it might be permanent part-time staff that you need. It might give you the opportunity to invest in even more equipment above $20,000. It is more hard-earned money in your pocket than in the government’s.
The other thing is: if you are from a small business or a medium business—anyone who employs more than five people—in my electorate of Petrie and would be interested in speaking at my upcoming Job Seeker Boot Camp, which will be held in August, could you leave a message or contact my office, because your information—the information that you look to when hiring people—is so valuable to local jobseekers in my electorate, and we need to pass on that knowledge that you have to local jobseekers. So leave a message on my Facebook page or call my office on 32848008, and we will make sure that your wisdom is passed on to those young people in my electorate who are so desperately in need of work.