Just Do One Thing for Small Business

The Australian Chamber of Commerce and Industry (ACCI) is urging the government to ‘just do one thing to help small business’ and that is to reintroduce the budget measure of the instant asset write off this sitting fortnight and to pass it through parliament.

Australia’s largest and most representative business network says the measure for the 2024-25 financial year – announced in the last budget – was withdrawn from the Senate late last year without warning and is yet to be passed.

ACCI chief executive officer Andrew McKellar says tabling and passing this legislation is the one thing politicians can do to help small business today now that Parliament is sitting.

“We’re not asking a lot here.

“We are just asking for one thing – the measure as announced in the last budget to pass the parliament,” said Mr McKellar.

“The tabling and passing of legislation in Parliament would give small business owners the certainty they need to invest and grow their business.

“This could be the last sitting fortnight before an election is called.

“If it is further delayed, small businesses will be left hanging until after the election.”

The Instant Asset Write-Off legislation would allow small businesses to write-off assets worth up to $20,000.

However, ACCI is now calling for the threshold to be increased to $50,000 as part of its ‘Agenda for Business’ pre-election campaign.

ACCI is also campaigning for the Instant Asset Write-Off measure to be made a permanent feature of the tax system, to avoid what Mr McKellar says is the “ridiculous ritual” of having to wait each budget to see if the measure is included.

“We had the bizarre situation last year of legislation passing just weeks before it was due to expire and as a result there was little take up of the measure,” Mr McKellar said.

“To avoid this happening again, it’s time for parliamentarians across the aisle to agree to the Instant Asset Write off measure now for the sake of small businesses around Australia who are the backbone of the economy.”

Source: The Australian Chamber of Commerce and Industry (ACCI)

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