At a recent rally in Mount Waverley, Victoria, Opposition leader Peter Dutton promised to increase the popular small-business instant asset write-off to $30,000, if successful in this year’s federal election.
In its current form, the instant asset write-off scheme allows businesses to deduct the full cost of eligible assets up to $20,000. Eligible assets include items like vehicles, machinery, computers, and office fittings. The scheme applies only to businesses with an annual turnover of up to $10 million.
Other election promises include IR reversions, tax cuts
Dutton’s announcements at the rally accompany a series of small-business-related promises by the Coalition. Detailed in the party’s latest priorities document, many were nonspecific in nature. These included reducing taxes and red tape for small businesses, as well as curtailing what Dutton described as “union militancy in workplaces”.
On a more specific note, the Coalition has announced intentions to reverse Labor’s industrial relations changes. This will include reverting to the former, simpler definition of a casual worker.
The Coalition is also trying to appeal to small-business owners with its focus on reducing energy prices by, among other moves, investing in nuclear energy and gas exploration.
“When I was young I worked in our family building business. I learned firsthand how important it is for government to get out of the way of business,” said Dutton. “As Prime Minister, I will ensure businesses aren’t stifled by unnecessary interference and regulation.”
