{"id":6043,"date":"2020-06-10T16:57:39","date_gmt":"2020-06-10T06:57:39","guid":{"rendered":"https:\/\/outcomeaccounting.com.au\/?p=6043"},"modified":"2021-02-18T12:10:05","modified_gmt":"2021-02-18T01:10:05","slug":"instant-asset-write-off-extended","status":"publish","type":"post","link":"https:\/\/outcomeaccounting.com.au\/instant-asset-write-off-extended\/","title":{"rendered":"Instant Asset Write-Off Extended"},"content":{"rendered":"<p>Good news!<\/p>\n<p>This week the government announced that the <a href=\"https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/?=redirected_instantassetwriteoff\" target=\"_blank\" rel=\"noopener noreferrer\">Instant Asset Write-off has been extended<\/a> for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided they each cost less than $150,000.<\/p>\n<p>The instant asset write-off can be used for:<\/p>\n<ul>\n<li>multiple assets as long as the cost of each individual asset is less than the relevant threshold<\/li>\n<li>new and second-hand assets.<\/li>\n<\/ul>\n<h3>Changes this year<\/h3>\n<p>From 12 March 2020 now through to 31 December 2020 the instant asset write-off details are below.<\/p>\n<ul>\n<li>threshold amount for each asset is $150,000 (up from $30,000)<\/li>\n<li>eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).<\/li>\n<\/ul>\n<h3>Eligibility<\/h3>\n<p>Your eligibility for the write-off depends on:<\/p>\n<ul>\n<li>your aggregated turnover<\/li>\n<li>the date you purchased the asset<\/li>\n<li>when it was first used or installed ready for use<\/li>\n<li>the cost of the asset being less than the threshold ($150,000)<\/li>\n<\/ul>\n<p>You can find more information on which assets can you claim as an immediate deduction <a href=\"https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/?=redirected_instantassetwriteoff\" target=\"_blank\" rel=\"noopener noreferrer\">here.<\/a> Feel free to contact us so we can walk you through the different thresholds, exclusions, and limits.<\/p>\n<h3>Got a question?<\/h3>\n<p>Please don\u2019t hesitate to get in touch.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is &hellip; <a href=\"https:\/\/outcomeaccounting.com.au\/instant-asset-write-off-extended\/\">Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":6068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[1],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Instant Asset Write-Off Extended - Outcome Accounting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Instant Asset Write-Off Extended - Outcome Accounting\" \/>\n<meta property=\"og:description\" content=\"Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. 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This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. 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