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Government is Extending the Instant Asset Write-Off

The Federal Government has announced it is extending the $150,000 instant asset write-off threshold for a further six months until 31 December 2020.

The extension will allow businesses with an aggregated turnover of less than $500 million claim an immediate deduction for depreciating assets that cost less than $150,000 and are first used or installed ready for use for a taxable purpose on or after 12 March 2020 and by 31 December 2020.

In addition, The Bill also extends the temporary suspension of the 5-year lock-out rules which can apply when a small business entity chooses not to use the simplified depreciation rules. The suspension of these rules will be extended to 30 June 2021.

For more information, please click here.

If you have any questions, please do not hesitate to contact us on 3245 9966

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