$150k Instant Asset Write Off Scheme
In response to the COVID-19 impact on Australian business, the Federal Government have made big changes to the FY 2019/20 Instant Asset Write Off Scheme to encourage businesses to purchase assets with a higher threshold.
It’s always important when considering taking advantage of these schemes, that you check with your Accountant to see if you qualify to participate or access the funding.
What is it?
Under the Instant Asset Write-Off Scheme, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year it is either first used, or installed ready for use.
Eligibility
Annual Turnover
Your business may be eligible if it turnsover less than $500 million annually
Quality & Date of Purchase
The asset can be either new or secondhand, purchased between 7:30pm 2nd April 2020 – 30 June 2020
This has been extended to purchases up till 31st December 2020
Installation
The asset must be bought and installed, ready for use in the financial year in which it is being claimed
Increased Threshold
The $150k threshold is the entire cost of a single asset, irrespective of business use or trade-in value
Quantity of Assets to Claim
You can claim as many assets of $150k or under as you like, as long as each asset is eligible
What Portion of the Asset?
You can only claim the business use portion of the asset
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