For sole traders without employees
Funding option 1
What: The instant asset write-off threshold has been increased from $30,000 to $150,000.
Who: There’s expanded access to include businesses with an aggregated annual turnover of less than $500 million (up from $50 million).
When: This applies from 12 March 2020 until 30 June 2021, providing the asset has been purchased by 31 December 2020.
Temporary full expensing: For assets, you start to hold or use for the first time from 7:30pm 6 October 2020 to 30 June 2022, you can deduct the business portion of the asset's cost under temporary full expensing.
Get started: For more information visit:
Funding option 2
What: A time limited 15-month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions.
Who: Businesses with a turnover of less than $500 million can deduct 50% of the cost of an eligible asset in the income year the asset is installed or first used, with existing depreciation rules applying to the balance of the asset cost.
When: This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.
How this can help: This can help improve business cashflow by lowering the after-tax cost of eligible assets (e.g. equipment) purchased by the business.
Get started: For more information visit Business.gov.au
Funding option 3
What: The Australian Tax Office (ATO) is providing relief for some tax obligations.
Who: For businesses affected by the Coronavirus outbreak, on a case-by-case basis.
How this can help: If businesses are experiencing difficulties with tax obligations because of COVID-19, they may be eligible for help tailored to their circumstances.
Get started: Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.