• Call our product specialists
    Parts Service Sales
  • Find a Dealer
  • Review us on Google
  • Inlon Tractors & Farm Machinery

      Loading...

    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).

    From 7.30pm AEDT on 6 October 2020 until 30 June 2022, temporary full expensing allows a deduction for:

    • the business portion of the cost of new eligible depreciating assets for businesses with an aggregated turnover under $5 billion or for corporate tax entities that satisfy the alternative test
    • the business portion of the cost of eligible second-hand assets for businesses with an aggregated turnover under $50 million
    • the balance of a small business pool at the end of each income year in this period for businesses with an aggregated turnover under $10 million.

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