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June 10th, 2020 by igniite
Businesses given extra 6 months to write off newly purchased assets
The government appears to have heeded calls for the extension of the instant asset write-off, announcing on Tuesday that the expanded scheme will be in place for another six months.
Businesses earning up to $500 million per year will have an extra six months to write off newly purchased assets worth up to $150,000, the Treasurer told Sky News on Tuesday.
The government announced in March it is injecting $700 million to increase the instant asset write-off from $30,000 to $150,000, also expanding access to the scheme by lifting the cap on aggregated annual turnover to $500 million from a previous $50 million.
At the time, the expanded measure was due to end on 30 June 2020, sparking calls from business groups for its extension.
But Treasurer Josh Frydenberg has now confirmed the scheme will run until the end of the year, in a bid to spur economic growth.
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