Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The government does not expect any additional rorting as a result of this package because the eligibility requirements in terms of what is an allowable tax deduction or what is an allowable investment into an asset that can be depreciated remain the same. All we are doing with this package when it comes to the $20,000 immediate asset write-off is to accelerate the period within which the value of an asset can be depreciated. So we bring the tax deduction forward in effect and we are increasing the value of the threshold where that can take place, the value of the asset to $20,000 up from $1,000. All other things remain the same. So all of the compliance arrangements to prevent rorting, as Senator Whish-Wilson refers to, remain the same and the tax office would ensure compliance with the usual conditions that apply to applicable tax deductions for small business, and other businesses for that matter, in the usual way.