The Coalition today circulated Senate amendments to implement our policy to make the Instant Asset Write Off permanent for small businesses.  

 

The legislation is scheduled for debate this week, almost four months after the budget.   

 

Labor previously voted against the Coalition’s attempt to restore the Instant Asset Write Off to 2019 levels eight times.   

 

Labor has consistently been slow to provide certainty on the Instant Asset Write Off.  

 

Labor’s legislative priorities and opposition to lower taxes saw the 2023 Instant Asset Write Off Bill languish in the Senate for almost a year damaging confidence across Australia’s small business sector it would be passed at all. 

 

The Coalition will end the uncertainty and the annual stand off by making the Instant Asset Write Off permanent and lifting the threshold to $30,000. 

 

Unlike Labor’s failed Future Made in Australia policies, the Coalition’s Instant Asset Write Off will support 98% of Australian businesses with a tax cut if they invest in their businesses.   

 

The Coalition’s measure comes at a fraction of the fiscal cost of Labor’s big-spending and inflationary policies.   

 

This is a downpayment on the Coalition’s commitment to lower, simpler, fairer taxes.   

 

Deputy Leader of the Opposition and Shadow Minister for Small and Family Business Sussan Ley called on Labor to end uncertainty for millions of Australian small businesses and back the Coalition’s amendments. 

 

“Labor’s failure to deliver a proper economic plan is hitting Australian small businesses hard with more small businesses going to the wall every single day,” the Deputy Leader said. 

 

“Labor’s changes to industrial relations, inability to manage their home-grown inflation crisis and ongoing energy policy chaos have all made life tougher for small businesses. Now presented with a piece of policy that would help small businesses, why is Anthony Albanese so determined to block it?” 

 

Shadow Treasurer Angus Taylor said that with 50 per cent of small business lending secured against the family home, Australian small businesses are struggling from Labor’s homegrown inflation and failure to manage the economy.   

 

“With national accounts data showing Australia’s private sector is not growing, this is the perfect policy to drive investment, boost productivity, and give small businesses a lifeline through Labor’s cost of doing business crisis.   

 

“Labor’s Future Made in Australia is a plan for more bureaucracies, not more businesses. Labor wants to crowd out the private sector and replace businesses with public servants.  

 

“Jim Chalmers opposed cutting the small business tax rate, opposed extending the Instant Asset Write Off, and has clawed back business tax incentives since he became Treasurer. This is a Treasurer who knows more about closing businesses, than working in one.  

 

“Only a Peter Dutton Coalition Government will get Australia back on track and back to basics by reducing taxes, and supporting small businesses to prosper, grow, and create Australian jobs.”  

  

ENDS.