Inlon Tractors & Farm Machinery

INSTANT ASSET WRITE-OFF

Looking for new farm machinery and equipment for your business? Under the instant asset write-off legislation, eligible businesses can:

  • immediately write off the cost of each asset that costs less than the threshold.
  • claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
  • be used claim for both new and second-hand assets. Some exclusions and limits apply.

Changes from 12 March 2020

From 12 March 2020 until 30 June 2020, the instant asset write-off:

  • threshold amount for each asset is $150,000 (up from $30,000).
  • eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).

Visit ato.gov.au for more information and full terms and conditions.