Territory businesses are investing in the tools and equipment they need to grow, with new data showing 2,200 Instant Asset Write‑Off claims worth $47.5 million were made in the 2024-25 financial year.
Across Australia, there were around 300,700 Instant Asset Write‑Off claims worth more than $4.3 billion in 2024-25 financial year.
Agriculture recorded the highest value of assets claimed, with around 32,600 claims worth $808.7 million, almost 19 per cent of the total value claimed.
Professional, scientific and technical services also recorded around 41,600 claims worth $398.1 million, while health care and social assistance businesses made around 25,700 claims worth $240 million.
This new data comes as grow Territory business mark the 30th annual October Business Month which is taking place at the same time at the 12th national Indigenous Business Month.
These months falling at the same time present an excellent opportunity to recognising entrepreneurs and small businesses, including First Nations businesses, creating jobs and opportunities across the Territory.
In recognition of the important role small businesses play in our economy and in local communities, the Albanese Labor Government has now made the $20,000 Instant Asset Write‑Off permanent, giving small businesses ongoing certainty to invest in their businesses and plan for the future.
The Instant Asset Write‑Off permanent is part of broader Australian Government support for small business, including $3.8 billion in business tax relief, which includes the permanent two‑year loss carry‑back arrangements, and support for businesses to adopt digital technology.
This broader support is also reflected in Commonwealth procurement, with 45,556 contracts awarded to SMEs in 2024-25, representing 52.4 per cent of total contract volume.
The Government is also backing First Nations businesses through a $20.5 million investment to extend Indigenous Business and Employment Hubs, including hubs in Darwin and Alice Springs, providing business coaching, mentoring, links to financial services, industry connections and networking opportunities.
More than 3,000 First Nations businesses have been supported through the hubs nationally since 2018.
The Government has also strengthened the Indigenous Procurement Policy, with the Commonwealth procurement target increasing to 3.25 per cent from 1 July 2026 and rising progressively to 4 per cent by 2030.
Since 2015, more than 97,000 Commonwealth contracts worth over $15 billion have been awarded to more than 5,200 First Nations businesses through the policy. Investing in First Nations businesses strengthens economic participation, creates jobs and supports greater self‑sufficiency, helping drive progress towards Closing the Gap.
Quotes attributable to the Minister for Small Business, Dr Anne Aly
“Small businesses are part of the fabric of the Northern Territory, creating jobs, supporting families and keeping communities moving.
“The Instant Asset Write‑Off is one of the many practical ways the Albanese Government is investing in small businesses, helping them to grow.
“Across Australia, tradies and construction businesses are among the biggest users of the write‑off, while also helping our farmers access the equipment they need to get the job done.
“October Business Month is a great opportunity to celebrate Territory businesses – but our support for small business is there all year round.”
Quotes attributable to Minister for Indigenous Australians, Senator Malarndirri McCarthy
“First Nations businesses are creating jobs, strengthening local economies and opening up opportunities for Aboriginal and Torres Strait people in the Northern Territory and right across the country.
“Almost two‑thirds of jobs available in the First Nations business ecosystem are in rural and remote Australia, showing just how important these businesses are to local economies and communities.
“Economic empowerment and self‑determination are fundamental to Closing the Gap, and a strong First Nations business sector has an important role to play in driving that progress.”
