Enhanced Instant Asset Write-Off
The enhanced instant asset write-off scheme, which was due to expire on June 30, has now been extended to December 31.
The scheme lets eligible businesses immediately write off assets they buy for less than $150,000.
The threshold applies on a per-asset basis, so your business can use it an unlimited number of times, provided each asset costs less than $150,000.
· Businesses must have an annual turnover of less than $500 million to participate
· Assets can be new or second-hand
· If your asset is for business and private use, you can only claim the business portion
In March, the government boosted the asset threshold from $30,000 to $150,000.
If you’re looking to take advantage of this opportunity and need help funding your purchases, we can help.