TAKE ADVANTAGE OF THE GOVERNMENTS $150K INSTANT ASSET WRITE-OFF
"On 9 June 2020, the government announced it will extend the $150,000 instant asset write-off until 31 December 2020. This proposed change is subject to the parliamentary process and is not yet law. Under the current law, eligibility for the instant asset write-off has been expanded to include businesses with an aggregated turnover of less than $500 million (up from $50 million) from 12 March until 30 June 2020.
If you've purchased or are planning to purchase assets for your business, you may be eligible to claim an immediate deduction for assets less than $150,000.
The following tips can help you get your instant asset write-off claim right: