For the period of 12 March 2020 to 30 June 2020, the instant asset write-off threshold has been increased from $30,000 to $150,000. Furthermore, businesses now earning an annal turnover between $50 and $500 million now have access to this increased instant asset write-off.
To qualify, any assets purchased will need to be used or installed ready for use from 12 March 2020 until 30 June 2020. The increased write-off amount will not apply for any asset purchased or only made ready for use prior or after this date. The asset must also have a direct relationship with the production of assessable income in the business.
For more information on the Increased Instant Asset Write-Off and other Stimulus Package measures please visit:
Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100.
