Insant asset write-off for NT small business

There are more than 13,700 small businesses in the Northern Territory CLP Senator Nigel Scullion said.
There are more than 13,700 small businesses in the Northern Territory CLP Senator Nigel Scullion said.

Small businesses in Katherine can continue to purchase equipment worth up to $20,000 and write it off immediately after legislation passed the Senate last week.

The scheme was due to end on June 30 of this year but has been extended.

“There are more than 13,700 small businesses in the Northern Territory that now have the freedom needed to purchase new equipment and expand,” CLP Senator Nigel Scullion said.

“We heard from small businesses about how helpful the $20,000 instant asset write-off is to purchase the equipment they need to grow and create job opportunities.

“The Government listened to feedback from small business owners and operators and extended the program in the budget,” he said.

Senator Scullion said on budget day the government delivered legislation into parliament that made small business tax cuts law.

“We also redefined ‘small business’ to a $10 million turnover, up from $2 million, meaning more businesses in the NT are now paying the lowest tax rate in many, many decades.

“It also means more small businesses are now eligible for the write-off, as well as paying less tax.

“Shopping at local shops in the Territory is a great way to see the small business investment benefit the NT as every additional dollar spent locally injects confidence into the Northern Territory.

“I urge Territory small businesses to use the instant asset write-off extension to keep that money flowing around the NT to build the economy and create jobs.

“Investment will help to create local jobs and opportunities for more Territorians as more small businesses grow and expand into the future.”