INCREASED INSTANT ASSET WRITE-OFF

For the period of 12 March 2020 to 30 June 2020, the instant asset write-off threshold has been increased from $30,000 to $150,000. Furthermore, businesses now earning an annal turnover between $50 and $500 million now have access to this increased instant asset write-off.

To qualify, any assets purchased will need to be used or installed ready for use from 12 March 2020 until 30 June 2020. The increased write-off amount will not apply for any asset purchased or only made ready for use prior or after this date. The asset must also have a direct relationship with the production of assessable income in the business.

For more information on the Increased Instant Asset Write-Off and other Stimulus Package measures please visit:

https://www.ato.gov.au/Business/Business-bulletins-newsroom/Medium-business/Instant-asset-write-off-expansion/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.