Pimp My Office News — Instant asset write-off
Instant asset write-off
This is information is from ATO website
You can use the instant asset write-off to claim an immediate deduction when you purchase new or second-hand assets for your business, such as:
- tools and equipment
- computers, laptops and tablets
- office furniture
- motor vehicles.
On 12 March 2020, the government announced plans to:
- increase the instant asset write-off threshold to $150,000 (up from $30,000)
- expand eligibility to businesses with an aggregated annual turnover of less than $500 million (up from $50 million).
This proposal applies from 12 March 2020 until 30 June 2020, for new or second-hand assets first used, or installed ready for use in this timeframe.
The proposed changes do not take effect until new laws are passed. We will keep this page updated.
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So what are you waiting for? Its a great time for that office fitout you have been putting off.
