Extension to $150,000 Instant Asset Write-off
June 15, 2020
Legislation introduced to extend deadline to 31 December 2020
Treasury Laws Amendment (2020 Measures No. 3) Bill 2020 has now been tabled before the House of Representatives and includes retrospective amendments to the Boosting Cash Flow for Employers (Corona virus Economic Response Package) Act 2020.
The bill includes the extension of the $150,000 instant asset write-off threshold for a further six months until 31 December 2020, as announced by the government last week.
The extension will allow businesses with an aggregated turnover of less than $500 million to claim an immediate deduction for depreciating assets that cost less than $150,000 and are first used or installed ready for use for a taxable purpose on or after 12 March 2020 and by 31 December 2020.
In addition, the bill also extends the temporary suspension of the five-year lock-out rules which can apply when a small-business entity chooses not to use the simplified depreciation rules. The suspension of these rules will be extended to 30 June 2021.
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