Small and medium sized businesses will benefit from increased instant tax breaks for asset purchases and expanding eligibility to companies with turnovers of up to $50 million.

The threshold will lift to $30,000 from $25,000 and will apply to multiple purchases. 

Small business owner of Borambola Wines Tim McMullen said the increase of the threshold allows them to purchase something that might have been out of reach. 

"From our perspective as a small business and as a member with the business chamber, it presents a great opportunity to purchase assets you might have previously had on your wish list," Mr McMullen said. 

"I was glad to hear this and I can think of a number of items that I'd like to consider purchasing. 

"I think this increase has really brought it forward and expedite purchasing new equipment, like farming infrastructure and shedding, which are all things on my wish list that I can now consider."  

Business broker Peter Campbell said this has been a popular decision among hospitality businesses in Wagga and the border cities. 

"The increase from $25,000 to $30,000 means that some of the vehicles can now be captured," he said. 

"Hospitality services which deliver meals and businesses that use cheaper or imported utes can write it off immediately, which is a big advantage.

"This also includes coffee machines and air-conditioners, which are needed in Wagga's climate, and it increases productivity with less downtime which is important for everybody." 

Wagga Business Chamber president Danielle Pascoe said this is a good opportunity for businesses in the region. 

"As the current tax year finishes in three months, this is a good opportunity for businesses to review what they require and make necessary purchases in this financial year," Mrs Pascoe said. 

"It is positive to see some certainty with tax rates and we hope that this will give people some breathing space and provide a positive impact on our local economy."

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