More than half of the nation's businesses do not plan to use the Morrison government's increased instant asset write-off scheme to buy capital equipment — a measure designed to help drag them out of the recession.
The scheme was expected to cost $2.4 billion this year and another $800 million in 2021-22 although the net cost over the next four years is $1 billion.MYOB, which surveyed 1000 businesses, found just 30 per cent said they were planning to use the instant asset write-off to increase capital spending this year. Fifty-one per cent said they would not while another 19 per cent were unsure.
MYOB chief economist Jon Manning said the low take-up was a surprise given the upfront tax advantages of the scheme."If the economy improves out of the COVID period then we could see more demand in this area. But maybe the asset write-off is not optimal for new businesses which are likely to be in the digital area," he said.
But the survey found the lowest take-up rate of the write-off was in rural areas, with just 20 per cent of respondents planning to increase their capital spending because of the scheme.The highest proportion of businesses saying they would not use the scheme, at 58 per cent, was in rural Australia.
Doesn’t matter - it was a big announcement that was widely reported. Promo ScottyFromMarketing
🤔Jobs n Growth = Robs 'em both
They know the federal government doesn’t have a plan out of the mess they have put us in
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