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EXTENDED - $150K INSTANT TAX WRITE-OFF
EXTENDED - $150K INSTANT TAX WRITE-OFF

12 June 2020

EXTENDED - $150K INSTANT TAX WRITE-OFF

The instant asset write-off threshold of $150,000 for businesses with an aggregated turnover of less than $500 million will now be extended to 31 December 2020.


$150,000 Instant Asset Tax write off applies:-

  • For purchases after 12 March 2020
  • Any eligible asset with a purchase price of $150,000 or less (excl GST) 
  • Multiple number of assets can be acquired
  • New or second-hand assets qualify
  • Financed purchases also qualify

Increased depreciation of 50% of the cost of an eligible asset

  • It is an additional depreciation with existing rues applying to the balance of the asset cost
  • It does NOT apply to any asset that is using the instant asset write off rules
  • It applies only to NEW machinery or equipment purchased after March 12, 2020
  • And ready for use by June 30, 2021
  • No limit on the number of assets
  • Applies also to purchases after June 30, 2020, but in use by June 30, 2021
  • It applies only to the financial year that it came into use

Consult your tax accountant about how this works in conjunction with your existing depreciation schedules

Current and new customers can still make an appointment to meet with our Sales team during this time and we are also available servicing and emergency servicing by calling our team on 1300 475 268.

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