One of the best tax breaks for small to medium sized business is the instant asset write-off, which is a great way for businesses to acquire capital assets and obtain an immediate tax deduction.
As part of the Federal Governments recent Coronavirus Stimulus Package, the instant asset write off threshold has increased from $30,000 to $150,000 (net of GST) per asset acquired and now applies to businesses with an aggregated annual turnover of less than $500 million.
This measure will apply to all purchases made from 12 March 2020 to 30 June 2020 where the assets are used, or installed ready for use, in the business by 30 June 2020.
The Claiming the $150000 Instant Asset Write Off
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