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)
- 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.