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