Instant asset write-off 1 Jan 2021

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 · Accepted Answer

TonyATO · Answer

At this stage, the $150,000 (up from $30,000) threshold applies to assets that were first used or installed ready for use from 12 March 2020 to 30 June 2021, providing the asset was purchased by 31 December 2020. For assets you start to hold, and first use (or have installed ready for use) from 7.30pm (AEDT) on 6 October 2020 to 30 June 2022, you may be able to immediately deduct the asset cost under temporary full expensing which allows a deduction for: - the business portion of the cost of new eligible depreciating assets for businesses with an aggregated turnover under $5 billion or for corporate tax entities that satisfy the alternative test - the business portion of the cost of eligible second-hand assets for businesses with an aggregated turnover under $50 million - the balance of a small business pool at the end of each income year in this period for businesses with an aggregated turnover under $10 million. For more information, I recommend having a look at the following: - Instant asset write-off for eligible businesses - Temporary full expensing TonyATO

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