Temporary instant asset write-offs only hinder SME growth: MYOB CEO

This federal election, Australia’s 2.6 million small and mid-sized enterprise (SME) owners and operators were among those voting for a stable, supportive business environment. These SMEs employ more than 8 million Australians.
What they vote for matters. And if the latest MYOB Bi-Annual Business Monitor is anything to go by, their message is clear: they want less red tape, more cashflow support, and permanent, practical policies that remove uncertainty and allow them to plan with confidence.
At the top of that list? A permanent instant asset tax write-off.
It’s a policy that has long held bipartisan support, but its implementation has not been consistent. Tied to budget cycles and political developments, the policy has previously been legislated with only a few months left in the financial year.
This unpredictability does not support growth. A permanent instant asset write-off would give small businesses a stable, reliable mechanism to invest in the tools and equipment they need to grow, digitise, and hire with confidence.
The government says the policy should be iterative and therefore it needs to remain temporary, but that’s not necessarily the best approach for small businesses.
At MYOB, we work with SMEs every day. We hear firsthand how fluctuating policies make it harder for business owners to make vital investments, upgrade their systems, and commit to long-term decisions. And we see the power of certainty — when SMEs know the rules won’t change under their feet, they move quickly and decisively, advancing their productivity to benefit the entire economy.
This isn’t theoretical. In our latest survey of more than 1,000 SME operators, nearly 60% identified permanent implementation of the instant asset write-off as one of their top policy priorities. That’s alongside calls to reduce the small business tax rate and simplify GST and BAS reporting — a clear request to cut red tape and create room for growth. These are practical changes that would ease the pressure on business owners struggling with cashflow, rising energy costs, and fluctuating interest rates.
It is impossible to overemphasise just how far-reaching the impacts of small business policy can be. When SMEs invest, it sparks local economic activity, supports jobs, and improves productivity. Permanent access to the instant asset write-off empowers businesses to modernise — whether it’s investing in clean energy systems, upgrading digital infrastructure, or expanding operations.
In short, this is not just a small business issue. It’s an Australian issue. Ensuring SMEs thrive means better employment outcomes, a more resilient economy, and stronger communities.
This election, small business owners voted for political leaders to stand with them, the businesses that power our country. To show that they understand what these operators need — not just to survive, but to thrive. Legislating a permanent instant asset write-off would be a clear, powerful signal that the government is not only listening, but acting in their interests.
Let’s move past short-term measures and give Australian small businesses the certainty they deserve.
Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on LinkedIn.
Comments