Instant Asset Write Off

Now is the time to expand your workforce.

On the 6th of October 2020, as part of the 2020–21 Budget, the government announced it will support businesses and encourage new investment, through a temporary full expensing incentive.

The temporary tax incentive will be available to businesses with up to $5 billion in annual turnover and allow to claim an immediate deduction of the full value of all new, eligible, depreciable assets of any value that are first used or installed before June 30, 2022.

*For more information visit the links below:

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/

https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/JobMaker-Plan---temporary-full-expensing-to-support-investment-and-jobs/#:~:text=Eligible%20businesses%20with%20an%20aggregated,time)%20and%2030%20June%202022

PLEASE NOTE: *Terms and conditions apply. The information provided here is general in nature only and does not constitute personal financial advice. Before acting on any information, check the different thresholds and tests for the different concessions. Seek tax advice as to whether you qualify for these incentives.