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Due to the current impact of COVID-19, the Australian Government has announced an economic stimulus package to help minimise the effects on businesses during these tough times.

The Government have increased the Instant Asset Write-Off, (IAWO), threshold from $30,000 to $150,000 and have also expanded the annual turnover threshold from $50 million to $500 million until 30 June 2020. This scheme presents an opportunity for even more Australian businesses to invest in new or second-hand assets and receive a 100% tax deduction.

What you need to know

Applies to new or used assets first used, or installed ready for use by June 30, 2020

Purchase price of asset needs to be equal to $150,000 or less

Threshold applies on a per asset basis, so eligible businesses can write-off multiple assets

What you need to do

To see if you're eligible click below

Find out More

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