10 Apr Support For Business – Government Initiatives
The “Backing business investment” initiative
From 12 March 2020, businesses purchasing assets costing more than $150,000 before 30 June 2021 will be able to write off 50% in the year of purchase with the balance subject to normal rules. Those businesses using the ‘small business pool’ will be able to claim 57.5% rather than 15% in the first year.
The “Boosting cash flow for employers” initiative
Small to medium businesses that employ persons may be eligible to receive between $20,000 – $100,000 over the coming months with 50% receivable from 28 April 2020. This will be paid after 28 April and will be dependent on the lodgement of the activity statement.
The “Increasing instant asset write off” initiative
From 12 March 2020, instant asset write-off threshold will be increased from $30,000 to $150,000 for business with turn over less than $500m. This will apply until 30 June 2020 for both new and second-hand assets. Motor vehicles are limited to the car depreciation limit of $57,581