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Instant Asset Write-off Scheme of $150,000 is Extended until 31 December 2020
$150,000 Instant Asset Write-off Scheme is now Extended
The federal treasurer has extended the $150,000 instant asset write-off scheme by a further six months to help businesses buy new and second-hand assets. The scheme will be extended until the end of 2020 (31 December).
The extension will give businesses additional time to acquire and install new and/or second-hand assets. Businesses can use the instant asset write-off multiple times for assets that are purchased up to $150,000, which are then written off their tax bill (the threshold applies on a per asset basis).
Earlier this year, the federal government announced that it was increasing the instant asset write-off 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) until 30 June 2020. The boost write-off formed part of the government’s $17.6-billion stimulus package.
This makes it far more tax-effective for businesses to purchase equipment – as traditionally they’d need to depreciate it over a number of years, but now it will all be in year one.