Time running out for business’ $150k instant tax write off
CENTRAL Queensland small businesses are encouraged to follow Doblo’s Farmers Markets lead and get in quick to take advantage of the increased asset write-off threshold.
Owner of Doblo’s Farmers Markets, Dominic Doblo’s business is hitting the COVID-19 recovery phase at speed after investing $150,000 in new equipment thanks to the Federal Government’s economic response package announced in March.
The package increased the instant asset tax write off threshold from $30,000 to $150,000 and expanded access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until June 30.
Mr Doblo invested $140,000 into the business allowing them to establish a new, large cool room, improve the business’ operations and to continue to provide quality produce to the community.
“The Doblos have a long and proud history of serving quality produce to locals and this new industrial fridge will help us continue to do just that,” Mr Doblo said.
“We haven’t been immune to the effects of coronavirus but locals continue to choose us for their fruit and veg.”
Senator Matt Canavan said the government was backing around 3.5 million Australian businesses like Doblo’s and the positive effects are being seen locally.
“Businesses of all shapes and stripes have been impacted by coronavirus and it’s wonderful to see a staple of the fruit and veg market in Rockhampton like Doblo’s continue to go from strength to strength,” he said.
Capricornia MP Michelle Landry said with restrictions being gradually lifted across the country, small and family businesses needed support from their communities to continue trading or to re-open.
“Small businesses are the backbone of our economy. We have over 3.5 million small businesses across the country, making up nearly half the national workforce. They are a vital part of our COVID-19 recovery,” Ms Landry said.
For more information visit the ATO website.