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  • 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.

    Recent changes

    From 12 March 2020 until 31 December 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.