In 2020 the Government's popular instant asset write-off rules were expanded, with the threshold lifting to $30,000 from $25,000, and business annual turnover from $10,000,000 to $50,000,000. 

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The instant asset write-off is subject to various eligibility criteria and GST status. 

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In short, the instant asset write-off allows you to purchase a new asset for your business and write-off the entire purchase price in the same financial year. 

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This benefit only applies to assets you have purchased, which precludes any assets acquired using traditional commercial finance solutions such as Rental or Finance Lease. 

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We recommend speaking to your tax advisor to understand the terms and conditions of this Government offer and how the Instant Asset Write-off applies to your business this financial year. 

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Start a discussion with one of our team by clicking below and we will be in contact to discuss your options further.