Sign In

* You are about to leave the Modoras website and be directed to Sage Handisoft - our cloud accounting software partners.

Insights

June 09, 2020

$150k Instant Asset Write-Off Extended

Published by:
peterhetherington_img1-1
Peter Hetherington
$150k Instant Asset Write-Off Extended

The $150,000 instant asset write-off has now been extended until December 2020 to encourage businesses to invest.

The instant asset write-off scheme provides immediate tax deductions for small and medium businesses on certain purchases, allowing business to pay less tax on their profits.

The extension will enable businesses additional time to acquire and install assets.

The threshold applies per purchase, so eligible businesses can write-off multiple assets costing less than $150,000, with assets needed to be first used or installed before 31 December 2020.

Previous rules allowed businesses making $50 million per year to write off purchases up to $30,000, but has been extend to businesses making up to $500 million per year and purchases up to $150,000.

More information can be found on the ATO websitehere.

Want to know more?

As Government stimulus measures are frequently changing, we are continually updating and creating new tools and information for you. To review the latest materials on COVID-19, please click here. This page will be regularly updated, so please check back in from time to time.

Below are some articles that may interest you:

We’re here to support you through the changes. From making the most of the stimulus initiatives, through to managing the risks associated with the impact of the Coronavirus, the Modoras team is here to help you build a resilient business. Make well-informed business decisions; contact us on 1300 888 803 book a catch up with a Modoras professional.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

Latest Insights