Learn how you can upgrade with the instant asset write-off
April 1, 2020
Have you been thinking about upgrading your business vehicle?
Don’t think about it any longer, get in quick, because this bonus wont last for long!
The ATO have just increased the instant asset write–off threshold up to $150,000*
Under instant asset write-off eligible businesses can:
- immediately write off the cost of each asset that cost less than the threshold
- claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business’s eligibility and apply the correct threshold amount.
Changes from 12 March 2020
From 12 March 2020 until 30 June 2020 the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
View Our Super Specials here
To find out how this may benefit you visit ATO