Many businesses are affected in some way by the COVID-19 pandemic. To help businesses survive, the Australian Government has recently announced a financial stimulus package that could help you and your business during these difficult times. These incentives include changes to the Instant Asset Write-Off allowance.
Increasing the Instant Asset Write-off
The Government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include all businesses with an aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
You can Claim Your Business Software as a FULL TAX DEDUCTION
Business software purchased and installed for use between 12th March and 30th June 2020, can be claimed as a full tax deduction in the 2020 financial year for eligible businesses.
Get More Detail…
For more information on the Instant Asset Write Off and other business support initiatives.
Please download the Australian Government fact sheet “Delivering Support for Business Investment.”
From 1st July 2020 the instant asset write-offf value threshold (currently $150,000) will revert to just $1,000 for small businesses (with a turnover less than $10 million).
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Please note: Customers should always check their eligibility to access taxation allowances and other business support programs with their tax advisor.