Instant Asset Write-Off
ATO - Instant Asset Write-Off on Storage Assets for Business Owners
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:
Changes from 12 March 2020
From 12 March 2020 until 31 December 2020 the instant asset write-off:
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/
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