Instant Asset Write-Off Increased and Extended
With the budget release there are a number of incentives for businesses applicable to new and used assets or improvements made to existing depreciable assets. We have a wide range of stock available. Speak to us about new and used equipment or if you need anything custom made by our fabrication team.
- Immediately deduct the full value of all new, eligible, depreciable assets of any value first used or installed before 30/06/2022.
- SMEs with up to $50 million in annual revenue can apply “full expensing” to all second-hand assets.
- Businesses will also be able to claim full deductions for the cost of improvements made to existing depreciable assets.
- The government has also added another six months to the instant asset write-off scheme to allow businesses that already hold eligible assets to first use or install those assets. The extension for these businesses will end on June 30, 2021.
To find out if your business is eligible please read the full details available here.