Instant Asset Write Off Extended

17 June 2020

On June 9th 2020, The Australian Government announced that they will extend the $150,000 instant asset write-off until 31 December 2020.

Australian businesses with annual turnover up to $500 million will be able to take advantage of this extended timeframe to invest in assets to support their business during these extremely difficult and uncertain times.

The scheme is designed to support business sticking with investment they had planned, and encouraging them to bring investment forward to support economic growth over the short term.

The instant asset write-off also helps to improve cash flow for businesses by bringing forward tax deductions for eligible expenditure. The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each costs less than $150,000.

Assets can be new or second hand and could include for example a truck for a delivery business or a tractor for a farming business.

Click the link below to learn more about this scheme