Territory small businesses can continue to purchase equipment worth up to $20,000 and write it off immediately, thanks to Coalition Government legislation passed by the Senate yesterday.
“There are more than 13,700 small businesses in the Northern Territory that now have the freedom needed to purchase new equipment and expand,” Country Liberals Senator for the Northern Territory, Nigel Scullion, said today.
“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 programme in the budget.
“On budget day we delivered legislation into Parliament that made our 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.”
Further information about the Coalition Government’s support for small business is available here.