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Instant asset write-off a boost when most needed

"The announcement by the Treasurer of an extension of the Instant asset write-off for businesses with turnover of less than $500 million is a sensible forward-looking measure," Innes Willox, the Chief Executive of the national employer association Ai Group, said today.

"Business investment has been inhibited in recent months both by the drain on cash inflows and the general level of uncertainty and the extension of this measure so that businesses have longer to put investment plans in place makes clear sense.

"The write-off lift will give an immediate potential boost to business investment over next few months. It will particularly help businesses that had put investment plans on hold or that are looking to reposition in the wake of the COVID-19 crisis.

"The extension of the instant asset write-off provisions, together with the more generous investment incentives announced earlier in the year, will provide a welcome boost to business investment at a time of lagging productivity growth," Mr Willox said.

Media enquiries: Tony Melville – 0419 190 347