Instant Asset Write-Off Tax Break Extended for Another Six Months.

Businesses making up to $500 million per year will be allowed to continue writing off newly purchased or second-hand assets worth up to $150,000 designed to boost cash flow by bringing forward tax deductions.

Businesses will be able to purchase equipment, machinery or tools, up to a value of $150,000. Assets can be new or second hand, and must be used or installed by 31st December 2020.
The six-month extension means business buyers who may not be able to take delivery of assets such as a new work vehicle before the original 30 June 2020 deadline can now take advantage of the tax benefit in the 2020/2021 financial year.

Before making any large purchases, we suggest you speak to ZT Partners and assess how the asset will benefit your business and how the purchase may impact on your cash flow or finances in the short term.

Should you have any queries please do not hesitate to contact us.