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).
The instant write off applies to new or second hand first used assets installed and ready for use before 30 June 2020.
$150K Instant Asset Write Off
1. Applies to any asset that can be used for business purposes with a purchase price of $150K or less (excluding GST).
2. Assets must be acquired and installed from March 12th to June 30th 2020
3. Assets can be New or Second Hand
4. $150K limit for each individual asset and therefore multiple assets (totalling more than $150K) can be claimed under the initiative No limit to the amount of assets acquired under the initiative
50% Instant Depreciation Write Off (on assets over $150K)
1. Any eligible assets with a purchase price greater than $150K (excluding GST) acquired from March 12th to June 30th 2021
2. Assets must be New
3. The extended initiative will also be applicable to assets of $150k or less for an extra year once the $150k Instant Asset Write Off has expired on June 30 2020.
4. No limit to the amount of assets acquired under the initiative
For further information, visit the Government Fact Sheet link below:
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