Instant Asset Write-Off

28th May 2020

The time to act is NOW!

This is just a reminder that businesses have the opportunity for “Instant Asset Write-Off” this financial year. This means you can claim an immediate deduction for the cost of the asset in the year it is first used, or installed ready for use.

The changes implemented on 12 March 2020 increased the amount for each asset from $30,000 to $150,000 for all business with a turnover of less than $500 million.

If you are considering the purchase of any equipment or motor vehicles for business use, the time to do that is NOW – to ensure you receive the maximum tax benefit this financial year.

Please contact our office to confirm and discuss the eligibility of your proposed purchase – (08) 8431 1644. As always, we are here to help.

Read More: https://ato.gov.au/instant-asset-write-off/