Stage 4 restrictions announced for VIC – find out what this means for our business and services.

$150,000 Instant Asset Write-Off extended

As part of the Australian Government’s economic response to coronavirus, the instant asset write-off (IAWO) threshold increase has been extended to 31 Dec 2020*.

 

This means that, if eligible, your business can immediately write off the cost of each asset under the $150,000 threshold and claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed, for both new and second-hand assets.

 

From 1 January 2021 the instant asset write-off will only be available for small businesses with an aggregated turnover of less than $10 million and the threshold will be $1,000.

 

For more information on these changes and what they could mean for your business, visit the ATO website.

*Refer to ATO website for full terms and conditions.

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