INSTANT ASSET WRITE OFF FY 2019
Under instant asset write-off eligible businesses can:
- immediately write off the cost of each asset that costs less than the threshold
- claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business's eligibility and apply the correct threshold amount.
Changes from 12 March 2020
From 12 March 2020 until 30 June 2020 the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
MORE INFORMATION HERE
ARE YOU ELIGIBLE?
If you've lost your job due to the impact of coronavirus you may be eligible for Centrelink payments. Here's what you need to know about who qualifies and how to claim the money.
Stimulus Package Details from the Government
We are continuing to closely monitor the severe impact the COVID-19 pandemic is having on our core industries of hospitality, tourism, recreation and sport. We would like to extend our deepest sympathy to our members who have been adversely impacted during this extremely difficult time.
For those experiencing financial uncertainty, the following provides more information about the new measures recently introduced by the Federal Government to provide financial assistance.
Economic Stimulus, Phase Two
On Sunday 22 March, the Federal Government introduced phase two of its economic stimulus package. This included key measures to assist individuals impacted by the crisis.
The package includes easier access to the job seeker payment and a $550 per fortnight increase to the base benefit for the next six months.
The package also includes a new regime allowing for the early release of superannuation by eligible individuals.
Eligible individuals are those: (i) who are unemployed; or (ii) who are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or (iii) who on or after 1 January 2020:
- was made redundant;
- had their working hours reduced by 20% or more; or
- in the case of sole traders, had their business suspended or experienced a reduction in turnover of 20% or more.
Under the new regime, from mid-April eligible individuals can withdraw up to $10,000 from their super before 1 July 2020 and a up to a further $10,000 for a defined period after 1 July 2020 — providing a maximum of $20,000 per person. The exact timing of the regime is still to be confirmed.
Tax will not be payable on the monies accessed under this regime. The money withdrawn will also not affect Centrelink or Veterans’ Affairs Payments.
Unused amounts accessed under this regime can of course be recontributed towards the member’s superannuation savings (subject to contribution caps).
What can I do today?
While the official dates have not yet been finalised, there are some simple steps you can take today to help you prepare for the changes introduced in the current phase of economic assistance.
1. Register for myGov. Applications for the job seeker payment and early release of superannuation will be managed via Services Australia and the ATO respectively. To ensure smooth access to these providers, you will need an up to date myGov account. Please visit my.gov.au to create or update your account in the first instance.