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$150k Instant Asset Write Off

The Australian Government’s changes to the instant asset write off scheme in the face of Coronavirus are a great opportunity to invest in the future of your business.

What are the Changes?

  • The threshold for each asset has increased from $30,000 to $150,000
  • Eligibility for the scheme has been expanded to include businesses with a turnover of up to $500 million (previously it was only up to $50 million)

Assets must be purchased and used in the same year than the write-off is being claimed.

What is an Eligible Asset?

New and second-hand assets are eligible and include items like:

  • Office equipment (computers, monitors, laptops, printers and tablets)
  • Signage
  • Office furniture, shop furniture and fit-outs
  • Cars and other work vehicles
  • Tools and machinery
  • Kitchen equipment and air conditioners
  • Storage sheds

How Long Do I Have To Purchase Assets?

The changes are currently active and will last until 30th June 2020. From July 1st 2020, the scheme will revert back to a threshold limit of $1000 per asset and only be available to businesses with a turnover of less that $10 million. 

You don’t need to do anything now to take part in the scheme. The write-off will be applied when you file your tax return. Find out more about your eligibility on the ATO website.

Thinking about a new shed? Talk to All About Sheds today to get your new shed ready int time to take advantage of the instant asset write off scheme.