Instant asset write-off for eligible businesses

The federal government has just extended the instant asset write off scheme. Extending it from the 30th of June to the 31st of December 2020.

Basically, what it means is that you now have an extra six months to find the assets you need to grow your business. And you don’t have to use the cash in your business to purchase these assets because you can finance them. Now, just to recap the rules around that.

To be eligible  your business must have had a turnover of no more than $500 million.

Each asset can be purchased at a maximum $150,000. You’re able to purchase multiple assets that are all under $150,000 each and they all can be written off. Speak to your accountant to find out the best way to structure this for your business, so that your business can grow.

Then have a talk to your finance broker, to find out how you can access funds to help assist you with the purchase off these assets, to accelerate your business growth.

More detailed information can be found here.

The Growfinity team.