Last Updated 5 June 2020

The instant asset write-off threshold has been increased from $30,000 to $150,000 until 30 June 2020.

Eligibility

Eligibility to claim the increased threshold, instant asset write-off depends on; annual turnover of less than $500 million, purchase date of the asset, asset is used or installed ready for use between 12 March 2020 and 30 June 2020 and the cost of the asset being less than the threshold.

How to Apply

There is no application required. The instant asset write-off is applied via the lodgement of your tax return for the 2019 / 2020 financial year.

Refer to ABJ Solutions Blog