The Government is backing businesses to invest to help the economy withstand and recover from the economic impact of Coronavirus. The two business investment measures are designed to assist Australian businesses and economic growth in the short-term.
INCREASING THE INSTANT ASSET WRITE-OFF
The Government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. The IAWO is due to revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020.