Instant Asset Write-off Update
Today, the Government has announced that the instant asset write-off of up to $150,000 for businesses turning over less than $500 million per year will be extended to 31 December 2020.
This is intended to support over 3.5 million businesses and encourages businesses to invest in their business now instead of later to take advantage of the tax benefits this can bring.
The $150,000 write-off is on a per asset basis, so multiple assets can be written off immediately, provided they cost less than $150,000 each.
Assets can be new or second-hand and is great as it gives extra time to acquire and install assets as opposed to rushing for the 30 June deadline.
Legislative changes need to be put into effect for this measure but is expected to go ahead without a hitch.
A copy of the media release can be read here.