600 Cranes AustraliaNewsThe Australian Government’s Economic Response to Coronavirus-Instant asset tax write-off increased

The Australian Government’s Economic Response to Coronavirus-Instant asset tax write-off increased

14 Mar, 2020

On 12 March 2020, the government announced a package of measures to help the economy withstand and recover from the economic impact of coronavirus. These measures included enhancing the instant asset write-off- Businesses with a turnover less than $500 million can claim an instant tax deduction on purchases of assets before June 30, 2020 that cost up to $150,000. For assets over $150,000, an additional 50% tax deduction is available in the year of purchase. Please refer to your accountant for details.

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