$150,000 Tax Write Off
Take advantage of this tax incentive for small business.
$150,000 TAX WRITE-OFF AVAILABLE!
The Australian instant asset write-off has been increased to $150,000!
Now is the perfect time to invest in your new JCB machine and expand your business capability, efficiency and profitability!
The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.
The higher IAWO threshold provides cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets each costing less than $150,000. The threshold applies on a per asset basis, so eligible businesses can immediately write‑off multiple assets.
The IAWO is due to revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020.