Australian businesses now have up until December 31st to take advantage of the instant asset write off on purchases up to $150,000.

Businesses looking to invest in their operations have been given more opportunity to do so after the deadline for the expanded instant asset write-off scheme was pushed out by six months.

While the expanded scheme was originally set to run until 30 June 2020, it was extended until the end of the year now.

As part of the Federal Government’s $17.6 billion coronavirus stimulus package, announced in March, the instant asset write-off threshold was boosted from $30,000 to $150,000.

This means that until 31 December 2020, eligible businesses can instantly deduct the cost (the business use portion) of any assets worth up to $150,000 purchased this year, rather than claim deductions over a number of years. This can mean significant reductions in a given business’s taxable income and subsequent tax bill.

See our checklist below to determineif your business is eligible. 

Many Australian businesses are pivoting their way out of business disruption and exploring new opportunities to give their companies a much-needed boost. If you have been waiting for the right moment to make some big changes in your business, this is the moment to act.

Simply call (03) 5223 3453 or email info@morrisfinance.com.au and speak to our New Business Finance Managers David or Fiona who will be able to assist you in finding the best facility for your needs and budget. 

Is your business eligible to benefit? Talk To Us Today!