The depreciating asset instant asset write-off threshold has increased from $30,000 to $150,000 until 30 June 2020.
The measure applies to both new and second-hand assets first used or installed ready for use in the period beginning on 12 March 2020 (i.e., the date on which this measure was announced) and ending on 30 June 2020.
Small Business Entities (‘SBEs’) are businesses with aggregated turnover of less than $10 million.
SBEs will be able to claim an immediate deduction for depreciating assets that cost less than $150,000, and first used or installed ready for use on or after 12 March 2020, but before 1 July 2020.
Additionally, SBEs will also be able to claim an immediate deduction for the following:
Currently, the instant asset write-off threshold is due to revert to $1,000 for small businesses from 1 July 2020.
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