Australia: “Instant” asset write-off extended for six months (COVID-19)

Australia: “Instant” asset write-off extended

Australia’s federal government on 9 June 2020 announced plans for a six-month extension—to 31 December 2020—of the “instant” asset write-off provided as relief for businesses in response to the coronavirus (COVID-19) pandemic.

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According to information on the Treasurer’s website, the six-month extension would allow eligible Australian businesses with annual turnover of less than $500 million* to continue to be eligible for this relief during the remainder of 2020. The threshold applies on a per asset basis; therefore, eligible businesses could immediately write-off multiple assets, provided each costs less than $150,000.

Legislative changes will be required to give effect to this extension. 

*$=Australian dollar

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