Boost for 20,000 Sunshine Coast Small Businesses
More small businesses on the Sunshine Coast are set to benefit from the opportunity to replace or upgrade their equipment, with legislation to extend the $20,000 instant asset write-off passing the Parliament last night.
Federal Member for Fisher Andrew Wallace said “Whether you’re a gardener in Maleny purchasing a ride-on lawn mower, a café owner in Mooloolaba purchasing an industrial dishwasher or a courier buying a vehicle in Caloundra, this is a great opportunity for local small business.”
In the Federal electorate of Fisher in the southern and central Sunshine Coast more than 20,000 small businesses with an annual turnover of less than $10 million are eligible for this benefit.
“We already have businesses here on the Coast who took advantage of this instant asset write-off in the last twelve months and I want to see even more in the year to come. Caloundra business MyTeddy used the write-off to purchase a new sewing machine last year and owner Chris Nightingale tells me that it has boosted their production, saved the company money and helped them to employ more locals.” he said.
The legislation which passed last night delivers on the Coalition Government’s 2018-19 Budget announcement to extend the $20,000 write-off for a further 12 months to 30 June 2019.
“By growing the ability of Fisher’s small businesses to invest, we grow their ability to employ more Sunshine Coast locals. That’s why I want to see as many local businesses as possible taking advantage of this fantastic opportunity.” he said.
In the 2015-16 Budget, the Coalition Government increased the immediate deductibility threshold from $1,000 to $20,000.