The Master Plumbers Association of NSW unreservedly condemns the government’s outrageous decision to slash the critical $20,000 instant asset write-off down to a mere $1,000 for small businesses.
This shocking move indicates that the needs of small businesses and tradies are not only ignored but blatantly dismissed at a time when they are grappling with a severe skills shortage.
According to the budget, small businesses with an aggregated turnover of less than $10 million were promised the substantial benefits of a $20,000 instant asset write-off until June 30, 2025. This decision from the Federal Government will mean that from 1st July 2025, the instant asset write-off will be only $1,000. By reneging on this commitment, the government is recklessly abandoning small businesses to navigate an uncertain financial future when they need security and support. MPA NSW CEO Nathaniel Smith, stating, “This terrible decision in an already fragile economic landscape reveals a disgraceful disregard for the backbone of our economy. It is utterly unacceptable; this move directly jeopardises a small business’s ability to invest in the essential tools and equipment that our tradies desperately depend on.”
The instant asset write-off is more than just a policy; it is a lifeline for small businesses, allowing them to deduct the full cost of eligible depreciating assets immediately. This critical support is essential for maintaining competitiveness and ensuring growth. Without this indispensable backing, businesses are at risk of stagnation, further crippling an industry that is already under threat.
MPA NSW demands immediate action from the government to rectify this colossal blunder. “We call on the government to urgently reinstate the $20,000 instant asset write-off and acknowledge its crucial role in supporting small businesses, concluded Smith.
