Extended instant asset write-off till December 2020.
It’s good news for SMEs. Businesses with earnings of up to $500 million will now be able to claim accelerated depreciation on new assets through till December 31 this year with the instant asset write-off program. Assets eligible for this scheme can be up to the value of $150,000.
The instant asset write-off allows eligible businesses to immediately deduct the value of an asset in the year of purchase, instead of claiming deductions over several years. Businesses can also claim multiple assets including cars, tools, computers, and equipment.
The scheme has been expanded significantly since it was first announced in 2015. However, there has been no announcement on an extension beyond December 2020.
If you would like advice on how to access the instant asset write-off program, please call your dmca adviser as soon as possible.
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