I have received a booklet titled “Budget 2020” from the Liberal Party of Australia recently, and I would like confirmation on an item stating Asset Write Off:
“Over 99% of businesses will be able to write off the full value of any eligible asset they purchase for their business. This will be available for small, medium and larger businesses with a turnover of up to $5 billion until June 2022.”
Yes, this is broadly correct.
“Eligible asset” includes second-hand assets if your aggregated turnover is less than $50 million.
This is a temporary full expensing incentive which enhances the instant asset write-off.