The government has announced that the $150,000 instant asset write-off for businesses will be extended to 31 December 2020. It was previously set to finish by 30 June 2020, when the threshold was going to revert back to $1,000.
The threshold will now apply from 12 March 2020 to 31 December 2020 with eligible businesses being those with an aggregated turnover of less than $500 million. There is no limit to the number of assets a business can claim under this threshold. Both new and second-hand assets are eligible.
Should you wish to take advantage of this incentive, please contact your MGI South Queensland advisor.
