Share with your friends

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.


Related content

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

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal