Small business asset tax break extended

Small businesses will get an extra tax break with the Morrison government again extending the instant asset write-off to mid-2020.The tax break will also be lifted immediately to cover assets worth up to $25,000, up from $20,000, Prime Minister Scott Morrison announced on Tuesday."Businesses who go out and invest today, whether it's a vehicle, whether it's a piece of plant or equipment, all of it, up to $25,000 immediate write down," he told an audience in Brisbane."We are so serious about small and family businesses and we have put our money where our mouth is."This is the third year-long extension to the measure, which was set to finish at the end of the current financial year.It allows firms with a turnover of up to $10 million a year to instantly claim tax deductions on all equipment purchases worth less than $25,000.