Extension to the $150k Instant Asset Writeoff

A few months ago, the Government announced that to assist with the recovery from the economic impact of Coronavirus, they have increased the instant asset write-off threshold from $30k to $150k for businesses making up to $500 million per year. This was originally limited to assets purchased or ready for use between 12 March 2020 until 30 June 2020.

Today, the Government has announced that the due date will be extended to 31 December 2020.

It is important to note that these are tax incentives, not cash back. You are required to spend the money on the assets to be eligible, but you will only get the tax benefit of the expense when it is time to lodge your income tax return.

Our advisors are here to help so give us a call if you are unsure about your eligibility.