STIMULUS: $150,000 instant asset write-off

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The government is increasing the instant asset write-off threshold from $30,000 to $150,000, it is also expanding access to the scheme to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).

Stimulus package: Scott Morrison
Stimulus package: Scott Morrison

This scheme is only available for the remainder of the financial year, which means it covers any assets purchased before 30 June.

The threshold applies on a per-asset basis, meaning businesses can write off multiple assets. It also applies to both new and used assets, so long as the assets have been purchased in the current financial year.

The government said in the 2017-18 financial year, more than 360,000 businesses used the instant asset write-off, claiming deductions valued at more than $4bn.

For more information, see the fact sheet from the Treasury, as well as the Treasury website.

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