For assets first used or installed ready for use between 12 March 2020 until 30 June 2021, and purchased by 31 December 2020 from PR Power, the instant asset write-off can be used for:
► multiple assets as long as the cost of each individual asset is less than the relevant threshold.
► new and second-hand assets.
- threshold amount for each asset is $150,000*
- eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million
*Disclaimer: This article is provided for information purposes only and is correct at the time of publication. It should not be used in place of advice from your accountant. Information has been sourced from the Australian Taxation office via their website https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/. We suggest to speak to your tax professional for further advice specific to your individual business needs.
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