Australian Government Instant Asset Write-off Further Extended
The Australian Government has extended the instant asset write-off tax benefit until 31st of December 2020.
Originally announced as running from 12th of March until 1st of July 2020, the scheme has been extended and now runs from 12th of March 2020 until 31st of December 2020 the instant asset write-off:
- Threshold amount for each asset is increased to $150,000 (increased from $30,000)
- Scheme Eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (increase from $50 million)
Under the scheme eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for us.
Instant asset write-off can be used for:
- Multiple assets as long as the cost of each individual asset is less than the relevant threshold
- New and second-hand assets
A businesses eligibility for the scheme depends on:
- The businesses aggregated turnover – the total ordinary income of the business and that of any associated businesses
- The date the asset was purchased on
- When it was first used or installed for use
- The cost of the asset being less than the threshold
For further information on scheme thresholds, eligibility, exclusions and example claims please visit the Australian Tax Office information page.
Take advantage of the governments asset write-off scheme by purchasing a new or used unit from our wide range of forklifts, materials handling, access and industrial cleaning equipment.
Our range of available units is continually updated between now and 31st of December as we have new stock arriving regularly.