Updated 09 June 2020
The Australian Federal Government has announced it will be extending the $150,000 instant asset write-off scheme until the end of the year.
Originally put in place to help businesses recover from the economic effects of COVID-19, the scheme is expected to help approximately 3.5 million businesses during this time.
Treasurer Josh Frydenberg today told reporters, “(Businesses) will be able to go and purchase equipment or machinery, tools, up to a value of $150,000 – as many times as they want – and then write it off”.
Who is eligible for the Instant Asset Write Off?
- Businesses with annual turnovers of up to $500 million, up from $50 million.
- Assets can be new or second hand and must be used or installed by December 31.
You can check your business eligibility on the ATO website.
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