INCREASE THE INSTANT ASSET WRITE OFF
SUMMARY
Increase in instant asset write off from $30,000 to $150,000 until 30 June 2020.
POLICY
The government is proposing to increase the threshold for the instant asset write off from $30,000 to $150,000 and expand access to businesses with an aggregated annual turnover of up to $500 million (up from $50 million). The increase will only be available from 12 March to 30 June 2020 for new or second-hand assets first used or installed ready for use by 30 June 2020.
MORE INFORMATION
Refer to the Treasury website page for more information and worked examples.