$150k instant asset write-off extended for 6 months

Blog, Business

$150k instant asset write-off extended for 6 months

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).

The government has 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.

Legislation to give effect to the extension to the instant asset write-off will soon be introduced.

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