Govt asset write-off
There’s no denying that COVID 19 has thrown the economy into turmoil, most businesses have been impacted in one way or another, some worse than others.
However, it will end, and things will return to normal, however slowly, perhaps in some instances to a New Normal.
Whilst we are all feeling the pinch, smart businesses are positioning and equipping themselves for the future and to be the” first out of the blocks” in the race back to normal.
The Federal Government has increased the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
So, if you are a little bit brave and forward focused, then there’s never been a better time to undertake a new fitout or refurbishment of your workspace.
Savvy business owners can make use of this incentive to instantly “write-off “a significant component of a fitout/refurbishment completed by June 30, 2020. (We of course urge or clients to seek their own financial/accounting advice).
Some of the assets that may qualify for the Instant Asset write off include, (but are not limited to)
1. Air Conditioning plant and equipment
2. Workstations and furniture
3. Audio visual or IT equipment
4. Joinery and cabinetry
5. Special lighting
Assets or costs that are categorized as “Capital works” are not eligible for the Instant Asset write off stimulus.