none

IT’S OFFICIAL: WRITE-OFF SCHEME EXTENDED AND EXPANDED

29-05-2019
by 
in 

The Australian Taxation Office has confirmed that the Instant Asset Write-Off Scheme has been extended to 30th June 2020, and the asset limit has been expanded to $30,000.

Significantly, the scheme has also been expanded to include many more businesses as the turnover limit has been raised from $10 million to $50 million.

However, such has been the piecemeal approach to extending the scheme, with two separate government announcements in the first half of the year, the $30,000 asset limit is only applicable to new or second hand assets brought into use or installed ready for use after 2nd April 2019.

For assets first brought into use between 29th January 2019 and 2nd April 2019, the threshold is $25,000, and before 29th January the old $20,000 limit still applies.

Nonetheless, Australian businesses with turnovers up to $50 million can now instantly write off investments of up to $30,000 on a whole range of assets, and do so multiple times in the tax year to 30th June 2020.

In the manufacturing sphere, the increase in the asset limit is a significant one. As anyone walking the halls of the recent Austech and National Manufacturing Week exhibitions will know, you can get some significant machinery for $30,000, right up to and including a choice of collaborative robots.

Related news & editorials

  1. Matt and Ross
    09.06.2021
    09.06.2021
    by      In , In
    Simple, high-quality coffee is revered in Italy. So when an Australian of Italian heritage, who has been involved in the coffee business most of his life and visits Italy regularly, tells you that Australian roasted coffee is the world’s best, you sit up and take notice. And when he goes on to tell... Read More
  2. Files
    17.05.2021
    17.05.2021
    by      In , In
    Today’s businesses have no room for complacency; they must be fastidious right across their operations. The systematic drive for thoroughness is captured in one underappreciated word: compliance.
    At first brush, compliance can seem like a big and vague concept, detached from immediate business... Read More
  3. coins
    12.05.2021
    12.05.2021
    by      In , In
    "From an industry perspective, the Government's second budget in a year locks in the recovery from recession and shifts gears from emergency measures to investing in the economy for the longer term," says Innes Willox, Chief Executive of the national employer association Ai Group.
    He described it... Read More
  4. Lab
    05.05.2021
    05.05.2021
    by      In , In
    Newly launched space startup Quasar Satellite Technologies is set to revolutionise space communications, using radio telescope technology developed by the CSIRO. 
    With more than 57,000 satellites set to be launched by the end of the decade, Quasar is creating a world-leading ground station service... Read More
Products
Suppliers