Instant Asset Write-Off up to $150k

 Following the Coronavirus outbreak and the devastating effect it has had on Australian businesses and the economy, the Australian government has increased the instant asset write-off threshold to $150,000 until June 30, 2020.



Here, we've answered a few questions you might have about the scheme.

Can I claim the instant asset write-off?
If you have a registered business (i.e. you have an ABN) and your business turned over less than $500 million in a year (increased from $50 million), then you can claim.

How much can I claim?
Businesses can buy any machinery or equipment related to their business if each item is valued at less than $150,000 (increased from $30,000). You can immediately claim the full amount by submitting a claim form. There is no limit on the number of items a business can claim and the amount approved should be in your bank account within 14 days of submission.

What can I claim?
Your new POS system, Cars, vans, utes, trailers, motorbikes, lawnmowers, ovens, fridges, coffee machines, other machinery, kitchens, tables and chairs, carpets, printers, photocopiers, tools, welding equipment, saws, generators, pumps, solar panels, heating, hot water units, water tanks, air conditioning units, sound and security systems, computers – any item used for running the business – will be 100% tax-deductible.

What can't I claim?
Capital works, assets already allocated to low-value pools, assets leased out more than 50% of the time on a depreciated asset lease, horticultural plants and in-house developed software do not qualify.

If my item is over $150,000 can I still claim it?
Yes, but the value of items over that amount qualifies for less generous and more complicated tax breaks associated with depreciation.

When does this scheme end?
The Australian Tax Office has extended the scheme to June 30, 2020. Enough time to get your new Point of Sale system installed.

Related posts:

https://gritglobal.io/blog/3-key-components-to-create-a-profound-ecommerce-customer-relations/

https://gritglobal.io/blog/3-must-have-after-sale-customer-engagement-workflows/

https://gritglobal.io/recommended-articles/atom8-named-bigcommerce-preferred-partner/

https://gritglobal.io/recommended-articles/introducing-atom8-the-long-awaited-commerce-automation-for-bigcommerce-is-finally-here/

https://gritglobal.io/blog/5-must-know-workflow-automation-examples-to-increase-productivity/

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