Michaelia Cash: Instant asset write-off extension on the cards ahead of MYEFO Christmas for SMEs SmartCompany, November 7, 2018

SmartCompany, November 7, 2018

The upcoming mid-year economic and fiscal outlook (MYEFO) is shaping up to be a Christmas stocking for small businesses, with the government planning to unveil a suite of new policies to round out its SME agenda in the lead up to the 2019 election.

Minister for small and family business Michaelia Cash says the government is considering whether to again extend its instant asset write-off scheme in the lead up to the mid-year update.

Speaking to SmartCompany on the sidelines of preparation for American Express’ shop small event in Melbourne today, Cash said MYEFO would include a “very strong small and family business package”.

Cash also believes small business needs a “one-stop shop” to help them access information on government policies, amid concern most SMEs aren’t utilising its asset write-off scheme.

“They need a one-stop shop … one point of access that you can go to that will enable you to access information that’s relevant to you,” she says.

The government has billed the instant asset write-off as a cornerstone of its small business agenda, but ATO data shows only 350,000 of the estimated two million or more businesses eligible for the scheme accessed it in 2016-17. READ MORE: https://www.smartcompany.com.au/business-advice/politics/michaelia-cash-instant-asset-write-off-extension/?utm_campaign=SC&utm_medium=email&utm_source=newsletter