Instant asset write-off extended to 31 December 2020


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The Government has announced that it will extend the $150,000 instant asset write-off for six months to 31 December 2020.

Businesses with annual turnover of less than $500m will be able to take advantage of this extended time frame to invest in assets costing less than $150,000.

The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each cost less than $150,000.

Assets can be new or second hand.

Legislative changes will be made to give effect to this measure.

For more information please contact us.

Source: Treasurer and Minister Employment, Skills, Small and Family Business joint media release, 9 June 2020.