Instant Asset Write-Off

29/03/2020

As part of the Australian Government economic response to coronavirus two key initiatives have been announced.

INSTANT ASSET WRITE-OFF

The instant asset write off (IAWO) has been increased from $30,000 to $150,000 until 30th June 2020. This represents an immediate 27.5% savings which would normally be spread over 10 years. The threshold applies on a per asset basis so eligible business can instantly write-off multiple assets. The turnover threshold also increases from $50m to $500m. This applies to new or second hand assets first used or ready for use in this timeframe