Australian government supports business asset purchases
Australian businesses can take advantage of the instant asset write-off before the end of each financial year. As part of the 2020-2021 Federal Budget, the Australian Government announced an increase in the instant asset write-off. This applies to a range of assets, including but not limited to:
- Tools and machinery
- IT hardware – computers, laptops, monitors, printers
- Machinery and equipment
- Office and shop furniture and fittings
- Kitchen equipment
- Signage
- Air conditioners
- Motor vehicles
Disclaimer: This should not be taken as constituting professional advice. Worldpoly is not a financial adviser. You should consider seeking independent taxation or other advice to check how this information relates to you and your business. Worldpoly Pty Ltd is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided herein either directly or indirectly.
Useful links
https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/
