All businesses with turnover under $500m will have an opportunity to utilise the instant asset write-off for, at least, some portion of the 2019/20 income year.
The Government Coronavirus Stimulus Package includes a measure where all businesses under the turnover threshold can immediately deduct assets which cost less than $150k.
If you are a business which, up to now, has been unable to take part in the instant asset write-off, the stipulations for claiming the deductions are as that the asset must:
- be mainly used in the business
- have been purchased after 12 March 2020, and
- be installed and first ready for use by 30 June 2020.
All business with less than $50m in turnover already had instant asset write-offs in place. The current $30k limit has been moved to $150k and includes writing off the closing balance of the depreciation pool.