Extension of $150K instant asset write-off to December 2020

The Federal Government is extending the instant asset write-off by another six months to encourage further investment and support economic growth. 

The instant asset tax write-off scheme is available to small and medium-sized businesses with an average turnover of less than $500 million, enabling them to make immediate tax deductions on certain expenditures.

This extension to December 2020 means that more businesses will be able to invest in assets to support and grow their business during the current economic climate as restrictions due to COVID-19 continue to ease.

Assets that can be written off can be new or second hand, and the $150K threshold applies on a per asset basis. This means that eligible businesses can write off multiple assets each costing less than $150,000. Assets must be first used or installed ready for use by 31 December 2020.