The instant asset write-off threshold of $150,000 has been extended for another six months in an effort to continue the support for businesses recovering from the economic impacts of the Coronavirus.
The Federal Government initially increased the threshold from $30,000 to $150,000 earlier this year as a part of their economic stimulus package, with the threshold initially set to drop back to $1,000 in July.
Key Points:
- The instant asset-write off threshold of $150,000 has been extended to the end of 2020
- This scheme is available to businesses with an annual turnover of less than $500 million
- Eligible businesses can claim an instant deduction for the value of assets purchased under $150,000, rather than claiming depreciation over the life of the asset
The Asset-Write Off can be used for:
- Multiple assets (the cost of each individual asset must be less than $150,000)
- New and second-hand assets
For more information on how this could benefit your business, please call our office on 5315 5281.
