OUR LATEST NEWS

INSTANT ASSET WRITE-OFF INCREASED TO $150,000

QMAC Machinery: APRIL, 2020

The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).

 

* This applies from 12 March 2020 until 30 June 2020, for new or secondโ€‘hand assets first used or installed ready for use in this timeframe.

UPDATE (10 JUNE 2020):ย  To assist businesses in recovering from the impacts of the coronavirus crisis, the Government has extended the scheme to the end of the year.

 

The purchases of eligible assets costing less than $150,000 each, will now be able to be immediately deducted.ย  It applies on a per asset basis, so eligible businesses can immediately write-off multiple assets.

Please check with your accountant or financial advisor as to your eligibility to claim the instant asset write-off.


it is a great time for businesses to be buying the new and used machines they need…. and then write them off instantly!


Government links for more information:

https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/instant-asset-write-off

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/