Increased from $30,000 to $150,000 for a limited time!
As part of the COVID-19 small business support measures, the instant asset write off threshold has been increased from $30,000 to $150,000. This applies to business assets, new and second-hand, first used (or installed ready for use) in the period 12 March 2020 to 30 June 2020.
The cost of any such business assets purchased in this period for use in the business will be fully tax deductible for the 2019/2020 year, and this includes acquisition through commercial loan, chattel mortgage or hire purchase (but not leased assets).
The instant asset write off brings forward the 100% tax deduction into 2019/2020 rather than have the asset depreciated over years!
On 1 July 2020, and after, the threshold reverts to $1000.
For more information on the instant asset write off CONTACT US today.