Expanded instant asset write-off ends in weeks
Flor- Hanly - Monday, May 11, 2020
Instant asset write-off for eligible businesses
Small to medium-sized businesses are being reminded they have just weeks left to make the most of the government’s increased instant asset write-off offer.
- immediately write off the cost of each asset that costs less than the threshold
- claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
- Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
Changes from 12 March 2020
From 12 March 2020 until 30 June 2020 the instant asset write-off:- threshold amount for each asset is $150,000 (up from $30,000)
- eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
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