Following Prime Minister Scott Morrison’s announcement of the Economic Response to the Coronavirus (COVID-19) this week, ADA NSW would like to highlight one of the stimulus measures directly affecting our members and our broader profession.  

Increasing the instant asset write-off

As part of the announcement, the Federal Government has said it will increase the instant asset write-off threshold from $30,000 to $150,000 (per asset) and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This will apply until 30 June 2020.

Any asset, new or second-hand, purchased before the end of the financial year will fall under the expanded thresholds. This means any purchases made until this time can be claimed as a deduction and you do not have to wait until tax time.

The Government will move quickly to implement these measures. A package of Bills will be introduced into Parliament in the final Autumn sitting week in March 2020 for Parliament’s urgent consideration and passage.

Read more about the Federal Government stimulus measures here.