The Government is increasing the instant asset write-off (IAWO) threshold of less than $150,000 (minimum of $30,000) and expanding access to include all businesses with aggregated annual turnover has been increased from $50,000 million to $500 million until 30 June 2020.
Businesses can take advantage of the IAWO because the expanding of Government will mean an additional 5,300 businesses who employ around 1.9 million Australians will be able to access the IAWO for the first time.
This proposal applies on a per asset basis, so eligible businesses can immediately write-off multiple assets.
The IAWO is due to revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020.
Applies from 12 March 2020 until 30 June 2020, do not take effect until new laws are passed.
For new or second-hand assets first used or installed ready for use in this time frame.
Source & Further information is available at:
• Australian Government (Business) website at: https://www.business.gov.au/
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