From 12 March 2020 until 30 June 2020, the instant asset write-off threshold amount for each asset has been increased from $30,000 to $150,000.
Also during this period, eligibility has been expanded to cover businesses with an annual turnover of less than $500 million. Previously, the turnover limit was $50 million.
From 1 July 2020, the instant asset write-off threshold will again be reduced, only made available to businesses with an aggregated turnover of less than $10 million.
The threshold amount for assets will also be reduced again, down to $1,000.
COVID-19 has caused widespread business disruption across industries. In response, the government has made tax changes that could affect how you approach your EOFY preparations.
Stay on top of your obligations with this free infosheet.
Try our free energy comparison tool. We're identifying $808 on average in potential estimated savings* per annum for businesses. Simply join Business Australia as a free member.