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.
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.