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.
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.