Good News for Australian small businesses as the $20,000 Instant Asset Write-Off scheme is extended.

A further 12-month extension was announced as part of the recent 2018 federal budget which comes as a win for all Australian small businesses, which have expressed a liking to the scheme since it was first introduced in the 2015 budget.

The instant asset write-off scheme allows businesses with annual turnover of under $10 million to immediately deduct purchases of most assets under $20,000.

The federal government’s instant asset write-off scheme will now expire on June 30, 2019, instead of June 30 this year, despite calls to make the scheme a permanent feature of the tax system.