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RICHMOND BUSINESSES ACCESS INSTANT ASSET WRITE-OFF

More than 2,000 small businesses in the Richmond electorate have taken advantage of the Australian government’s instant asset write-off according to 2015-16 Tax Office data.

Announcing the information today, the Nationals Duty Senator for Richmond John Williams said the instant asset write-off has struck a chord with the small business sector.

Senator Williams said 540 businesses in the Byron Bay area had made a claim in the 2015-16 financial year.

490 had done the same in the Ballina area, 480 at Tweed Heads, 445 at Murwillumbah and 225 in the Kingscliff postcode.

He said overall around Australia close to 300,000 businesses accessed the instant asset write-off claiming an average $9,000 or an increase of $4,065 on the previous year.

“This means more money in the pockets of small businesses on the north coast so they can grow and employ more people.

For example tradesmen can invest in better tools and cafes and restaurants can upgrade equipment.

The government has increased the per-asset threshold of the instant asset write-off from $1,000 to $20,000 and extended the program in the Budget until 30 June 2018.

This policy is a great stimulus for the small business sector which is the backbone of the economy and it’s pleasing to see so many embrace it” Senator Williams said.

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