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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.

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Carmine & Drue

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