Instant Asset Write-Off – Extension Announced

By way of background, as part of its emergency COVID-19 fiscal package, the government quin­tupled (from $30,000) the value of assets businesses were able to instantly write -off for the ­period of March 12 to June 30, and expanded the eligibility to cover businesses with turnover of less than $500 million (up from $50 million ­previously).

Today the government will announce that more than 3.5 million eligible businesses will now be given until December 31, 2020 to take advantage of this measure. The asset must be installed ready for use by this date.

Although it is anticipated that this extension will be supported by Parliament, it is subject to the passage of legislation.

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