Instant Asset Write Off Scheme
While some businesses are looking to consolidate, others are ready to expand. The good news is you can claim $150K as part of the Federal Government’s Instant Asset write-off for your business.
To be eligible to claim under this scheme, the business must have an aggregated turnover of less than $500 million.
- Here are a few points worth noting:
both new and second-hand assets can be claimed, provided each asset costs less than $150,000
- assets must be first used or installed ready for use between 12 March and 31 December 2020
- a car limit applies to passenger vehicles. The limit is $57,581 for the 2019–20 income tax year and $59,136 for the 2020-21 income tax year
- if your asset is for business and private use, you can only claim the business portion
- different eligibility criteria and thresholds apply to assets first used, or installed ready for use, prior to 12 March 2020.
Need help with obtaining Asset finance, contact John Rashleigh, Commercial Broker on PH: 0409 497202 or enquire online.
To qualify, check the ATO’s eligibility requirements.