"So we've taken up some of those opportunities already, invested in machinery that's going to future proof the organisation for five to 10 years." "While the business is in a relative position of strength now, we are investing, because there is a high degree of uncertainty still into the future. "Particularly the instant tax write-off has been beneficial," he told The Business.
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While the sticker cost to the budget of $17.9 billion over the next four years looks impressive, the longer-term cost to the government will be much more modest, at $3.4 billion.
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#ATO SMALL BUSINESS TAX WRITE OFF INSTALL#
The key budget measure for most firms is a one-year extension to the government's temporary "full expensing" scheme, which now allows businesses with a turnover or income of less than $5 billion to immediately write-off the cost of assets they first use or install by June 30, 2023.