There have been a few changes made by the government in regards to Instant Asset Write Off for the 2022 and 2023 financial years.
This is because there has been an extension made to the Federal Government’s Coronavirus Stimulus Package.
It was here that the Instant Asset Write-Off threshold increased from $30,000 to $150,000 (net of GST) per asset acquired.
This was originally put in place to end on 30th June 2021 (with the purchase having to be made by 31st December 2020), but an extension has now been put in place.
The Instant Asset Write-Off scheme has now been extended and is known as ‘temporary full expensing’.
It covers the period from 7.30pm AEDT on 6 October 2020 until 30 June 2023 (this was announced in the 2021–22 Federal Budget).
Within this extension, depreciation amounts can we written off without a cap until 30th June 2023.
Should you require further information, please do not hesitate in contacting our office.
