12/03/2020
➡️ Government’s 17.6 Billion Economic Stimulus Package
The Morrison Government has just announced a multi-billion-dollar stimulus package to support the economy in response to the coronavirus crisis. The targeted stimulus package is designed to keep Australians in jobs and help small to medium sized businesses to stay in business.
➡️ Instant asset write-off for businesses with
- turnovers of less than $500 million
- and eligible assets costing less than
$150,000
Current concession is for businesses with
- turnovers of less than $50 million
- and for eligible assets costing less than $30,000.
The asset must also be purchased and first used (or installed ready-for-use) between 12 March 2020 and 30 June 2020.*
* Immediate tax deduction should be available for all depreciating assets excluding assets expected to be leased out, assets allocated to a low-value asset pool, horticultural plants, software allocated to a software development pool and capital works.
➡️ Additional 50% immediate tax deduction
for businesses with turnovers of less than $500 million
Businesses with turnovers of less than $500 million will also be able to claim an additional immediate tax deduction of 50% of the cost of assets purchased between 12 March 2020 and 30 June 2020. This is on top of the normal tax depreciation deduction the business would be entitled to (including the instant asset write-off explained above).
For the full Media Release, please see https://www.pm.gov.au/media/economic-stimulus-package.
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Jody Henshaw
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The Morrison Government has today announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the Australian economy as the world deals with the significant challenges posed by the spread of the coronavirus. Our targeted stimulus packag...