As part of the economic stimulus package, the instant asset write-off threshold has been increased from $30K to $150k. The write off is also expanded to businesses with an annual turnover of less than $500mil (up from $50mil).
$150K Instant Asset Write OffUnder the instant asset write-off, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use.
Instant asset write-off can be used for:
multiple assets as long as the cost of each individual asset is less than the relevant threshold
new and second-hand assets.
It cannot be used for assets that are excluded from the simplified depreciation rules.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business's eligibility and apply the correct threshold amount. This depends on when the asset was purchased, first used or installed ready for use.
Having the right equipment ensures your business operates at the highest level of productivity. By using finance, it allows you to achieve an immediate return on investment.
Contact our specialised team today to arrange your pre-approval on 1300 880 765 or Apply Online www.financeatwork.com.au