As part of the 2019-20 budget announcement the Government has proposed changes to the instant asset write-off scheme for small to medium sized businesses.
Once approved, until 30 June 2020, businesses will be able to write off assets purchased up to $30,000 (an increase from the $25,000 announced earlier this year). The scheme can be applied to multiple assets providing they are less than $30,000 meaning businesses can write off multiple assets.
Businesses with an annual turnover up to $50 million (up from $10 million) are now also eligible for the scheme.
If you would like more information about how the scheme works, please give us a call on 0431 177 605.
