In March 2020 the Australian Government increased the Instant Asset Write-Off (IAWO) threshold to help small & medium business owners weather the COVID-19 crisis.

The threshold has now been raised from $30,000 to $150,000 providing cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets each costing less than $150,000.

The threshold applies on a per asset basis, so eligible businesses can immediately write off multiple assets.

The $150,000 Instant Asset Write-Off is now available until the 30th June 2021. Don’t miss out on this opportunity!

Is your business eligible to benefit? Find out by speaking to one of our experienced team members today!

Are you eligible to take advantage?

Well the good news is that the Australian Government is expanding access so that more businesses can take advantage of the Instant Asset Write-Off.

To qualify the annual turnover threshold for businesses is now increasing from $50 million to $500 million. Expanding the threshold will mean an additional 5,300 businesses who employ around 1.9 million Australians will be able to access the Instant Asset Write-Off for the first time.

When does this increased program commence?

This new IAWO proposal kicks off on 12 March 2020 and will now run until the  30th June 2021. It applies for new or second-hand assets first used in this timeframe.

 

Seek independent advice from your accountant

We advise all customers to speak to their accountant and seek professional advice before making a purchase decision.

 

Further information

For more information regarding the Instant Asset Write-Off program and other stimulus package supporting Australian businesses please visit business.gov.au