The small business sector has historically been seen as the
driver of the economy for Coalition Governments. Unfortunately,
there is little in the way of incentive for private business in
this MYEFO. We outline below the introduction of concessional loans
for small business that have been subject to natural disaster, the
repeal of the instant asset write-off and changes to the Small
Business Superannuation Clearing House.
Small Business instant asset write-off
In response to the repeal of the Carbon Tax, the associated
benefits surrounding the small business instant asset write-off
threshold will also be reverted. The Labor Government first
announced the increase of the instant write-off threshold from
$1,000 to $5,000 for small business in the 2010-11Federal Budget.
From 1 January 2014, the instant asset write-off threshold will
revert back to $1,000, producing a gain to revenue of $2.3 billion
over the forward estimates period.
