For many companies, the economic downturn represents both challenges and opportunities. While an immediate fall in client activity may mean a temporary decline in revenue, it also creates the perfect environment for testing and building out systems and processes.
The instant asset write-off eligibility criteria and threshold have changed over time.
From 12 March to 31 December 2020 inclusive, the Instant Asset Write-off threshold for each asset increased to $150,000 (up from $30,000) for business entities with aggregated annual turnover of less than $500 million (up from $50 million).
For more information on the ATO website here.
Disclaimer: This does not constitute tax advice and should not be relied on without seeking independent advice from your tax agent or tax advisor.