Government Support Scheme for Businesses

Government Support Scheme for Businesses

Government Support Scheme for Business

The government has announced a number of measurements to support businesses impacted by the coronavirus including an increase to the Instant Asset Write-Off (IAWO) Scheme.

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Increased Instant Asset Write-Off

Increased Instant Asset Write-Off

The Government has lifted the threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.

According to business.gov.au, the Instant Asset Write-off scheme provides cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets each costing less than $150,000. The threshold applies on a per asset basis, so eligible businesses can immediately write‑off multiple assets.

Timing
The new 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.

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Note: This information is a guide only, we recommend you speak to your accountant or financial specialist about how these support schemes are relevant for your business, and whether the asset you are purchasing is eligible under the scheme.

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2020-05-21T11:47:33+10:00