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.
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
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