COVID 19 – Increasing the instant asset write-off

Economic Development Team - Mid Western Council

24.4.20 Source: https://treasury.gov.au/coronavirus/businesses

The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. In 2017-18 there were more than 360,000 businesses that benefited from the current instant asset write-off, claiming deductions to the value of over $4 billion. This measure will support over 3.5 million businesses (over 99 per cent of businesses) employing more than 9.7 million employees.

Fact Sheet: https://treasury.gov.au/sites/default/files/2020-04/Fact_Sheet-Delivering_support_for_business_investment.pdf

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