Asset Write off Extended for Small Business
Great news this afternoon from Treasurer The Hon. Josh Frydenberg. The instant asset write-off of $150,000 for small businesses with a turnover of less than $500 million will be extended to 31 December 2020.
The instant asset write-off helps to improve cash flow for businesses by bringing forward tax
deductions for eligible expenditure.
The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each cost less than $150,000.
The extension will also give businesses additional time to acquire and install assets, as they will now have until the end of the year. Assets can be new or second hand and could include for example a truck for a delivery business or a tractor for a farming business.
You can read the full media release here – https://joshfrydenberg.com.au/latest-news/extending-the-instant-asset-write-off/