Instant Asset Write-Off.
The Instant Asset Write-Off
In March 2020 the Australian Government increased the Instant Asset
Write-Off (IAWO) threshold to help small & medium business owners
weather the COVID-19 crisis.
The threshold has now been raised from $30,000 to $150,000 providing
cash flow benefits for businesses that will be able to immediately deduct
purchases of eligible assets each costing less than $150,000.
The threshold applies on a per asset basis, so eligible businesses can
immediately write off multiple assets.
JUST ANNOUNCED 9TH JUNE 2020: The $150,000 Instant Asset
Write-Off is now available until the 31st December 2020. Don’t miss out
on this opportunity!
Is your business eligible to benefit? Find out by speaking to one of our
experienced team members today!
Special Offers from Sinclair Hyundai
In response to the COVID-19 crisis, the Australian Government have increased the Instant Asset Tax Write-Off to $150,000. Is your business eligible to benefit? Talk to the Sinclair Hyundai team today!
Are you eligible to take advantage?
Well the good news is that the Australian Government is expanding access so that more businesses can take advantage of the Instant Asset Write-Off.
To qualify the annual turnover threshold for businesses is now increasing from $50 million to $500 million. Expanding the threshold will mean an additional 5,300 businesses who employ around 1.9 million Australians will
be able to access the Instant Asset Write-Off for the first time.
Timing
When does this increased program commence?
This new IAWO proposal kicks off on 12 March 2020 and will run until 31st December 2020. It applies for new or second-hand assets first used in this timeframe.
Seek independent advice from your accountant
We advise all customers to speak to their accountant and seek professional advice before making a purchase decision.
Further information
For more information regarding the Instant Asset Write-Off program and other stimulus package supporting Australian businesses please visit business.gov.au
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