For eligible businesses, an immediate deduction can be claimed for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use.
The instant write-off can be used for:
- Multiple assets
- New and second-hand assets.
The threshold amount changed from 12th March 2020. It was $30,000 prior to 12th March 2020. The threshold amount is now $150,000 and it applies to 31 December 2020.
There are of course, rules relating to eligibility, as well as exclusions and limits.
Please do not hesitate to contact us if you are considering acquiring business assets.