Tax breaks for the 2020 tax return

The Government will extend the $150,000 instant asset write-off (IAWO) by six months until 31 December 2020.  Under the measure, the asset must be both acquired and installed ready for use by 31 December 2020, instead of 30 June 2020.

The IAWO allows businesses that have an aggregated turnover of less than $500 million (grouping rules apply) to claim a deduction for a depreciable asset that costs less than $150,000 (after claiming any GST credits).