Business Council of Australia (BCA) chief, Jennifer Westacott, has called on the Morrison Government to implement a Labor-style investment allowance in place of company tax cuts. From The AFR:
Under Labor’s scheme, which was costed at $1.8 billion a year, all businesses in Australia would have been able to immediately deduct 20 per cent of any new eligible asset worth more than $20,000…
Ms Westacott called for a broad-based investment allowance that would apply to investments such as machinery and equipment, buildings and structures and “the increasingly important intangible assets”.
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