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The Government has announced that it will extend the $150,000 instant asset write off by 6 months, to 31 December 2020. Eligible businesses are those with an annual turnover of less than $500 million, who purchase a new or used asset up to $150,000, that is installed ready for use by 31 December 2020.

We note that this can be for as many assets as you like and a reminder that the car cost limit still applies to passenger vehicles up to $57,581.  

Currently set between 12 March 2020 and 30 June 2020, this announcement is subject to change as it needs to go through parliamentary process to become law. 

We expect little opposition to this announcement, but as always, suggest you wait for this to become law before making purchasing decisions based on the instant asset write off tax benefits.

For more information, please visit the ATO site here and see the Treasurer’s media release here