Political Ping-Pong threatens 2024 Instant Asset Write-Off

Can you believe it? It’s nearly June and the extension of the $20,000 (or is it $30,000?) Instant Asset Write-Off for small businesses (turnover less than $10M) has not been legislated!

Why, you may ask? Well, the Government, which controls the House of Reps, wants $20,000, as announced in the Budget a year ago. But the Senate, where a posse of Greens & independents hold the balance of power, wants $30,000. So the Senate amended the Bill and sent it back to the House for sign-off.

But the House is saying “No, no, no - $20,000 is the number”.

How will this be resolved? A new RSL HQ in Jacqui Lambie’s electorate? A tree-planting program in leafy Curtin? Life imprisonment for every Australian PwC Partner?

But how do small businesses make last minute investment decisions, and what about those who have already acquired plant in the expectation of an instant write-off? I guess it just requires a leap of faith, a true belief!