To view this article as a PDF, please click here.
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.