INSTANT ASSET WRITE-OFF EXT

June 17, 2020 Sharon Purcell

The recently announced $150,000 instant asset write-off tax incentive has been extended to the end of 2020.

Key points:
The new rules for the Instant Asset Write-Off scheme will be extended to the end of the year (December 2020)
Eligible businesses (those with an annual turnover of less than $500M) are able to instantly deduct the cost of assets worth up to $150,000
The scheme is designed to help businesses recover from the Coronavirus crisis
Treasurer Josh Frydenberg said that arrangement, which was due to end on July 1, would remain in place until the end of the year.
“We do know that there are businesses that are ready to invest right now,” he said.
“When the restrictions are eased and people are back at work, our cafes and restaurants will be busy.
“Our hotels will have occupants again and our businesses will be able to export and import again, and they need the equipment and they need the machinery.”

For more information about the scheme, talk to your accountant.