Leak reveals government plan to bring forward small business tax cuts and change $20,000 instant asset write-off

SmartCompany, September 5,

The federal government is seeking to bring tax cuts aimed at Australia’s small and medium businesses into effect four years earlier than originally planned, costing the government $3.6 billion over four-year forward estimates.

Treasury costings leaked to Fairfax reportedly reveal the government has decided to adopt industry calls to bring forward the already legislated tax cuts for companies with under $50 million in annual turnover, which would see them fully implemented by 2022 rather than 2026. The documents also reveal it’s considering extending the popular $20,000 instant asset write-off threshold. READ MORE: https://www.smartcompany.com.au/finance/tax/government-bring-forward-small-business-tax-cuts-change-instant-asset-write-off/?utm_campaign=SC&utm_medium=email&utm_source=newsletter