Instant asset write-off
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.
The instant asset write-off is subject to various eligibility criteria and GST status.
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.
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.
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.
Start a discussion with one of our team by clicking below and we will be in contact to discuss your options further.