Tax breaks and cashflow support for Australian businesses - extended until December 31st!

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The Government has announced an increase in the instant asset write-off threshold from $30,000 to $150,000 initially until 30 June 2020. This has now been extended to the 31st of December 2020! As a result of the continued spread of the coronavirus (COVID-19) and its impact on the Australian economy, the Government has announced a comprehensive package focused on backing Australian businesses.

Access to the incentive has also been widened to include businesses up to $500m in annual turnover, up from $50m since the previous announcement, aiming to provide significant cashflow benefits to small, medium and large businesses.

The considerable threshold increase brings larger equipment within the scope of the incentive package – ideal if you own a business in the earthmoving industry, which generally requires large investments. Immediate write-off of tax deductions of up to $150,000 on things like vehicles, tools and office equipment are now available for eligible businesses.

The increased instant asset write-off threshold applies from the time of the announcement until the 31st of December 2020, for new or second-hand assets first used or installed ready for use in this timeframe.

Make the most of this instant write-off and get in touch with us about your new attachments now. Call 1300 2 DIGGA.

Please check the condition of this Government initiative with your tax advisor, as we cannot guarantee eligibility and cannot provide tax advice.

Read more about the write-off here. 

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