Instant Tax Write-off
 
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On the12th of March 2020, the government announced measures to help the economy withstand and recover from the economic impact of COVID-19 (coronavirus). The following measures will be administered by the ATO.
The government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).
 
Under instant asset write-off eligible businesses can:
 
·         immediately write off the cost of an 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.
 
Instant asset write-off can be used for both NEW or USED assets, with a purchase price of $150,000 or less (excluding GST) acquired from now until 30/06/2022.
 
 For more information contact MLA on 1300 166 660 and ask for Sales or contact us here.