$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.
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Below are some articles that may interest you:
- Government Stimulus Package for Business
- Government Stimulus Package for Individuals
- Australian Tax Office Relief
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