CCIQ Welcomes Prime Minister’s Announcement of Extension to Asset Write-Off But Make it Permanent
The Chamber of Commerce and Industry Queensland (CCIQ) welcomes the extension of the instant asset write-off program for 12 months to 2020 and raising the level to $25,000 and calls on the government to make it permanent.
CCIQ notes that as a budget measure, the cost of the scheme is estimated at $550 million for the 2018-19 financial year and simplifies the onerous depreciation schedules many small to medium sized enterprises undertake when completing taxation returns.
The take-up of the scheme remains an area of contention with less than 350,000 business taking up the incentive over the 2016-17 calendar year.
CCIQ urges policy makers to make the current arrangement permanent so that certainty can achieved for the SME sector as well as tax professionals.