Instant Asset Write-off

Australian Government COVID-19 Stimulus

Photo by Dan Edge on Unsplash

In the last two weeks, we have seen governments around the world respond to the COVID-19 pandemic in a way that has never been seen before. If you're like many business owners, you've gone from running your business like it's any other day to fighting for survival on a daily basis


To help you through the crisis, here is our 2-minute guide to the Australian Government's Instant Asset Write-Off stimulus.

Instant Asset Write-Off


From 12 March 2020 to 30 June 2020, the instant asset write-off (IAWO) increases from $30,000 to $150,000 (reverting back to $1,000 on 1 July 2020). It is calculated on a per asset basis which means that eligible businesses can write off multiple assets before the end of the 2020 financial year.


The annual turnover threshold criteria will also increase for businesses with turnovers of $50 million to $500 million to take advantage of the IAWO.


Eligibility: Small businesses with a turnover of less than $10 million


You are eligible to use instant asset write-off if all of the following apply:


  • your business has a turnover of less than $10 million

  • you are eligible for and have chosen to use the simplified depreciation rules

  • you purchased the asset after 7.30pm (AEST) on 12 May 2015

  • the asset was first used or installed ready for use within the relevant dates – see thresholds and date ranges below

  • the asset cost less than the threshold at the time the asset was first used or installed ready for use.

Go to the source


For more information about the IAWO and eligibility for medium and large businesses go to:


business.gov.au

ato.gov.au

Need more info


Call us on (07) 3868 3343

Book an appointment https://aheadfornumbers.as.me/

Email us admin@aheadfornumbers.com


#covid19 #coronavirus #tax #business #stimulus #government #ausgov #inthistogether #CoronavirusAustralia #MyPandemicSurvivalPlan #SupportSmall

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