From 12 March 2020 until 30 June 2020, the instant asset write-off threshold has jumped from $30,000 to $150,000. This means that an asset can be purchased & written off immediately, with the overall affect of either reducing or completely clearing your tax liability at June 30.

To be eligible must not exceed an aggregate turnover of $500 million.

From 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.

Boosting cash flow for employers

The ATO is providing tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses that pay PAYGW for employee’s.

This is rebated in the form of credits in the activity statement system (your integrated client account), when eligible businesses lodge their BAS statements.