The Government has announced that it will extend the application of the increased $150,000 instant asset write-off threshold by six months from 30 June 2020 to 31 December 2020.
This applies to new or second-hand assets used or installed ready for use by Australian businesses with an annual turnover of under $500 million.
The $150,000 threshold applies on a per asset basis, which means multiple assets may be immediately written off where the cost of each asset is below the threshold.
The Government previously announced the threshold increase from $30,000 to $150,000 as well as increased turnover eligibility from $50 million to $500 million on 12 March 2020.
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