The $150,000 instant asset write-off introduced by the Australian Government as part of its COVID-19 economic response package has been extended for six months to 31 December 2020.

The announcement was made by Treasurer Josh Frydenberg and Small and Family Business Minister Michaelia Cash in a joint statement yesterday.

Legislative changes will be made to give effect to this measure, which is estimated to have a cost to revenue of $300 million over the forward estimates period.

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