Government Stimulus Package

If you’re a business owner looking to invest in a quality storage asset for your business, then the government’s instant asset write–off scheme may be just what you've been waiting for.

On March 12, 2020 the threshold was lifted from $30,000 to $150,000 to include eligible asset purchases made between 12 March 2020 and 31 December 2020.

Here’s what you need to know:

Under instant asset write-off eligible businesses can:

  • immediately write-off the cost of each asset that cost less than the threshold
  • claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.

Changes from 12 March 2020

From 12 March 2020 until 31 December 2020 the instant asset write-off:

  • threshold amount for each asset is $150,000 (up from $30,000)
  • eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).

As always, check with your accountant or tax advisor to confirm your eligibility.

To learn more, visit the ATO website: https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/

Call us on 1300 94 33 77 or request a free quote online today!

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