Instant Asset Write-Off Extended

Australian businesses making less than $500 million per year will be able to continue writing off newly purchased assets worth up to $150,000 until 31 December 2020.

Key points
  • The new rules for the Instant Asset Write-Off scheme will be extended to the end of the year

  • Eligible businesses can instantly deduct the cost of assets worth up to $150,000

  • The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets


In March, the Federal Government significantly widened the scope of the Instant Asset Write-Off scheme during the early stages of the coronavirus economic fallout.


The changes expand the eligibility threshold from businesses making less than $50 million per year to those making less than $500 million per year and allows business to deduct purchases worth up to $150,000 instead of the previous limit of $30,000.




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