If you buy an asset by 30 June 2020 and it costs less than $150,000, you may be eligible to write off the business portion in your 2020 tax return.
Thinking of purchasing assets for your business?
The Australian Government has implemented incentives to assist businesses in this time of need by increasing the instant asset write-off threshold to $150,000 and extended this incentive until 30 June 2020.
Instant asset write-off increased
For new or second-hand assets first used or installed ready for use from 12 March until 30 June 2020, the instant asset write-off threshold will be increased from $30,000 to $150,000 for businesses with aggregated annual turnover of less than $500 million (up from the current $50 million threshold).
The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets.
The threshold will revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020.
Remember, for further information relating to your specific tax needs, registered tax agents can help you with your tax questions.
If you are thinking of purchasing any new IT hardware, this may be the time to get in contact with our friendly sales team to make an order prior to the end of financial year at email@example.com or by contacting the office on 1300 4 23378.