Instant Assett write-off
Wanting that new Mini Loader for your business?
Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used.
The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 30 June 2020.
The Morrison Government continues to back small business with the announcement that it will extend the $150,000 instant asset write-off for six months to 31 December 2020. Read Here
For more information and to check if you are eligible visit the ATO website or click Here