Instant Asset Write Off - Extension Announced

Instant Asset Write Off – Extension Announced

Businesses will be able to access the boosted $150,000 instant asset write-off scheme for a further six months to the end of the year.

By way of background, as part of its emergency COVID-19 fiscal package, the government quin­tupled (from $30,000) the value of assets businesses were able to instantly write -off for the ­period of March 12 to June 30, and expanded the eligibility to cover businesses with turnover of less than $500m (up from $50m ­previously).

Today the government announced that the more than 3.5 million eligible businesses will now be given until December 31, 2020 to take advantage of this measure. The asset must be installed ready for use by this date.

Although it is anticipated that this extension will be supported by Parliament, it is subject to the passage of legislation.