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On 12 and 22 March 2020, the government announced measures to help the economy withstand and recover from the economic impact of COVID-19 (coronavirus). The following measures will be administered by the ATO.

The government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).

Under instant asset write-off eligible businesses can:

·         immediately write off the cost of an asset that cost less than the threshold

·         claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.

Instant asset write-off can be used for both NEW or USED assets, with a purchase price of $150,000 or less (excluding GST) acquired from now until 30/06/2020.

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

 

 For more information contact MLA on 1300 166 660 and ask for Sales or contact us here.

 

1300 166 660