Instant asset write-off

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Instant asset write-off

This is information is from ATO website

You can use the instant asset write-off to claim an immediate deduction when you purchase new or second-hand assets for your business, such as:

  • tools and equipment
  • computers, laptops and tablets
  • office furniture
  • motor vehicles.

On 12 March 2020, the government announced plans to:

  • increase the instant asset write-off threshold to $150,000 (up from $30,000)
  • expand eligibility to businesses with an aggregated annual turnover of less than $500 million (up from $50 million).

This proposal applies from 12 March 2020 until 30 June 2020, for new or second-hand assets first used, or installed ready for use in this timeframe.

The proposed changes do not take effect until new laws are passed. We will keep this page updated.

 

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So what are you waiting for? Its a great time for that office fitout you have been putting off.

 

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  • Tony Taouk
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