The instant asset write-off eligibility criteria and threshold have changed over time. The Instant Asset Write-Off works by eligible businesses claiming a deduction straight away for the portion of the cost of an asset that is attributable to business use. How does the Instant Asset Write-Off work? first used or installed ready for use between 12 March 2020 and 30 June 2021, and.This change applies to businesses with an aggregated annual turnover of less than $500 million, where those assets are: What’s the Instant Asset Write-Off COVID-19 change?Īs part of the Federal Government’s Coronavirus Stimulus Package, the Instant Asset Write-Off threshold increased from $30,000 to $150,000 (net of GST) per asset acquired. One of the best tax breaks for many businesses is the instant asset write-off, which offers a means to acquire capital assets and obtain an immediate tax deduction. Instant Asset Write-Off: What you need to know
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