As a result of the Coronavirus pandemic, the government has announced that businesses with less then $500m in turnover will have access to an immediate write-off for an asset under the following conditions:
• purchased and installed ready for use between 12 March 2020 and 30 June 2020, and
• costing less than $150k.
This is up from $30k which was currently available to businesses with less than $50m in turnover.
Instant asset write-off tables – based on entity’s turnover
Assessable income $10m and under
Timeframe Instant asset write-off limit
12 May 2015 to 28 January 2019 $20,000
29 January 2019 to 2 April 2019 7:30pm (AEDT) $25,000
2 April 2019 7:30pm (AEDT) to 11 March 2020 $30,000
12 March 2020 to 30 June 2020 $150,000
From 1 July 2020 $1,000
Assessable income between $10m and $50m
Timeframe Instant asset write-off limit
Prior to 2 April 2019 $1,000
2 April 2019 7:30pm (AEDT) to 11 March 2020 $30,000
12 March 2020 to 30 June 2020 $150,000
From 1 July 2020 $1,000
Assessable income between $50m and $500m
Timeframe Instant asset write-off limit
Prior to 12 March 2020 $1,000
12 March 2020 to 30 June 2020 $150,000
From 1 July 2020 $1,000
