Last Updated 25 February 2021
In the 2020-21 Federal Budget it was announced that from 6 October 2020 until 30 June 2022, businesses with turnover of up to $5 billion will be able to immediately write off on tax the full value of any eligible asset purchased for the business.
That’s great news for your small business! It’s a supersized extension of the $150,000 instant asset write off, which was scheduled to end on 31 December 2020. It means you can invest in new equipment to boost productivity or explore new product lines, while pocketing valuable savings on tax. Even better, it’s an opportunity to take advantage of super-low interest rates on business loans to fund new equipment.