The expansion of the Instant Asset Write-Off scheme was announced in the early days of the pandemic in March, in an attempt to help businesses survive through the crisis.

Businesses making up to $500 million per year will be allowed to continue writing off newly purchased assets worth up to $150,000 for the next six months.

Previously, the scheme was open to businesses making $50 million per year to write off purchases up to $30,000.

Treasurer Josh Frydenberg said the scheme, which was set to end on July 1, will now remain in place until the end of the year.

"We do know that there are businesses that are ready to invest right now," Mr Frydenberg said.

"When the restrictions are eased and people are back at work, our cafes and restaurants will be busy.

"Our hotels will have occupants again and our businesses will be able to export and import again, and they need the equipment and they need the machinery."

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Savings Maximiser (<$100k)

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Smart Saver Account (Under 25)

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 21, 2024. View disclaimer.

                                Without the scheme in place, businesses would have to deduct the depreciation of their purchased assets in their tax returns.

                                But with the scheme in place, eligible businesses can deduct the full cost of purchases, up to $150,000, from the tax they pay in the financial year they purchased the asset.

                                The Government said 3.5 million businesses would benefit from the scheme when they first announced the expansion, but Mr Frydenberg said it wasn't possible to provide information on the actual take-up of the scheme,

                                "Hundreds of thousands of businesses have taken up the program in its previous format," he said.

                                "We will see that level of take-up once the end of the financial year arrives."

                                Deputy Labor Leader Richard Marles told Sky News the extension was just common sense.

                                "The idea that this was going to stop at the end of June was always ridiculous, so it's good that the Government has seen sense here and that this is being extended through to the end of the year," Mr Marles said.

                                "It's a good step in the right direction and so the Government deserves to be applauded for it."

                                Federal Chamber of Automotive Industries (FCAI) Chief Executive Tony Weber also commended the decision and said the automotive industry was suffering greatly from the pandemic.

                                “New car dealerships in Australia employ more than 60,000 people nationally and are significant contributors to community and regional economic growth through employment, training, and philanthropy," Mr Weber said.

                                “It’s great to see the Federal Government’s support for these small businesses through a number of initiatives such as JobSeeker and JobKeeper, and now through the extension of the instant asset write-off program."