To further support Australian businesses through the fallout resulting from COVID-19, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020.
Initially announced on 12 May and intended to last until 30 June, the government’s $17.6bn stimulus package in part temporarily increased the threshold of the instant asset write off up from $30,000.
Businesses with turnover less than $500 million can continue writing off newly purchased, multiple assets, provided that each item is worth up to $150,000. Assets need to be first used or installed ready for use by 31 December.
The government anticipates that over 3.5 million businesses will be eligible to benefit from the extension of the scheme.
It is devised to encourage business owners to follow through with the investment they already had planned before the COVID-19 crisis, and assist others to invest sooner than intended to support economic growth over the near term. The measure is also intended to help to improve cash flow for businesses by bringing forward cash deductions.
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