Australian Treasurer Announces Extension of Instant Asset Write Off

A Toyota vehicle is displayed at a Toyota dealership in Sydney on December 12, 2013, as Australian Prime Minister Tony Abbott sought talks with Toyota to persuade the Japanese giant to keep its plants open and prevent a collapse of Australia's car manufacturing industry. Abbott acted after US-based General Motors on December 11 announced its Holden offshoot will cease manufacturing in Australia by 2017 after 65 years, prompting Toyota to warn it too was in peril as unions said the car industry was finished. AFP PHOTO/William WEST Photo credit should read WILLIAM WEST/AFP via Getty Images

Treasurer Josh Frydenberg announced on June 9 that the Australian government would extend the $150,000 instant asset write off until December 31, a move welcomed by the car dealers association.

Declared in a joint media release with the Minister for Employment Skill, Small and Family Business Michaelia Cash, the write-off scheme was initially designed to run from March 12 until June 30.