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  • Increased thresholds to support your business

    9 April 2020

    The government's new measures to help businesses withstand and recover from the economic affect of COVID-19 recently became law.

    From 12 March 2020 businesses with an aggregated turnover of less than $500 million can access these two measures.

    1. Enhancing the instant asset write-off:
    • The threshold amount for each asset is $150,000 (up from $30,000).
    • This applies to assets first used or installed ready for use from 12 March 2020 until 30 June 2020.
    • Businesses can claim an immediate deduction (business portion only) for multiple assets, new or second hand, provided each asset costs less than $150,000.
    • Other thresholds and turnovers apply before this date.
    1. Backing business investment:
    • Also known as accelerated depreciation, this measure lets you claim deductions on certain new depreciating assets at an accelerated rate.
    • The asset must be a new depreciating asset that you acquired and first used or installed ready for business use from 12 March 2020 until 30 June 2021.
    • Your business must not have already applied other depreciation deductions or the instant asset write-off to the asset.

    Remember, registered tax agents can help you with your tax.

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