Taxation incentives

This page is continuously updated. Last Update 26 March 2020. 

 

Quick Links:

 

Instant asset write-off 

Full summary here 

 

Benefit: 

The instant asset write-off scheme has been extended to $150,000 for the remainder of the 2020 financial year.  

The instant asset write-off scheme allows your business to claim 100% of the value of the assets as a depreciation expense. This will allow your business to lower its taxable income during the 2020 financial year. 

 

Am I eligible? 

Businesses will be eligible for tax benefits if they turnover less than $500 million.  

 

How to access

Depreciation benefits will be made available for all new or second-hand assets purchased and installed between 12 March 2020 and 30 June 2020. 

It is advisable to get in contact with your accountant or financial consultant for advice on how/ if this will benefit your business. 

 

Further Depreciation Benefits (backing business investment)

Full summary here.

Benefit 

For assets purchased above the instant asset write of threshold ($150,000), there has been an additional extension of the standard rate. 

The new effective depreciation rate for assets purchased during the remainder of 2020 will be 65%* of its value.  

*50% and a further 30% of the remaining value. 

 

Am I eligible?

Businesses will be eligible for tax benefits if they turnover less than $500 million 

 

How to access

Depreciation benefits will be made available for all new or second-hand assets purchased and installed between 12 March 2020 and 30 June 2020. 

 

It is advisable to get in contact with your accountant or financial consultant for advice on how/ if this will benefit your business.