The Government’s move to extend the duration and expand the eligibility of the $20,000 tax write off, introduced in the Parliament, will be a boost for small builders and tradies.

“Master Builders Australia strongly backs the initiative, particularly lifting the eligibility threshold from turnover of $2.5 million to $10 million, which means thousands more of our members will now be eligible,” Denita Wawn, CEO of Master Builders Australia said.

“Building and construction is a capital intensive industry and this initiative will boost the economy particularly in regional communities,” she said.

“The building and construction sector is the nation’s second largest industry and home to more than 340,000 small businesses, more than any other industry. Master Builders calls on the Senate to immediately pass the Government’s bills,” Wawn said.

Read other blogs about budget measures:

New depreciation rules proposed for residential property investors

Vendors and purchasers of land becoming unpaid tax collectors

How will the 50% foreign ownership limit affect developers?

Older apartments may become less valuable if budget depreciation changes get up