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BUYING BUSINESS ASSETS
THIS FINANCIAL YEAR?

$150,000 instant asset write-off
New or Used Business assets

Disclaimer “ Before acting on any information on this website or communications please consult your Accountant / Tax advisor / Consultant regarding your eligibility to take advantage of the Small Business instant asset write off incentive in relation to your specific business”

What Business assets could be eligible for the instant write off?

  • Work-related vehicles
  • Machinery
  • POS and display equipment
  • Hand Tools
  • Restaurant paging systems
  • Storage & refrigeration
  • WI-Fi or IT infrastructure
  • VoIP Telephone systems
  • Business use TV and Monitors
  • Digital Signage
  • Security upgrades
  • Audio Visual equipment
  • Networking and Data storage
  • Air conditioners
  • Office furniture
  • Shop fittings and Fitouts
  • Kitchen equipment

Instant asset write-off for eligible businesses

Under the instant asset write-off, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use.

Instant asset write-off can be used for:

  • multiple assets as long as the cost of each individual asset is less than the relevant threshold
  • new and second-hand assets.

It cannot be used for assets that are excluded from the simplified depreciation rules.

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. This depends on when the asset was purchased, first used or installed ready for use.

Recent changes

From 12 March 2020 until 31 December 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).

On this page:


Eligibility

Eligibility to use instant asset write-off on an asset depends on:

  • your aggregated turnover (the total ordinary income of your business and that of any associated businesses)
  • the date you purchased the asset
  • when it was first used or installed ready for use
  • the cost of the asset being less than the threshold.

If you run a small business and choose to use the simplified depreciation rules, you must use instant asset write-off on all eligible assets.

Businesses with an aggregated turnover of $500 million or more are not eligible to use instant asset write-off.

From 1 January 2021 the instant asset write-off will only be available for small businesses with an aggregated turnover of less than $10 million and the threshold will be $1,000.

$150,000 INSTANT ASSET WRITE-OFF!

on New or Used
Business assets?

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Need a Business Loan?

COVID-19
Government
Incentive Package

Unsecured Business
Loans to $250,000

Before you do anything, call us to discuss the
best options for your situation. 

Due to more stringent Lending conditions under the COVID-19 pandemic, additional information, requirements and conditions may apply. Some product offers and options may have been restricted or changed under COVID-19.

In addition, Lending to non-essential or notably effected Industries has restricted.  Please contact us to see what options are currently available for your Industry or your business.

Copyright 2018 Commercial Finance Corporation Pty Ltd . All rights reserved.
Commercial Finance Corporation Pty Ltd ABN 21 059 622 356

Any Rates or terms displayed on this website are subject to standard Credit criteria and conditions. 
All rates are indicative only and subject to change at any time. Fee and charges will apply.
ACL 394741 , AFCA 45092

BUYING BUSINESS ASSETS
THIS FINANCIAL YEAR?

 


$150,000 instant asset write-off
New or Used Business assets

What Business assets could be eligible of the instant write off?

  • Work related vehicles
  • Machinery
  • POS and display equipment
  • Hand Tools
  • Websites
  • Restaurant paging systems
  • Storage & refrigeration
  • WI Fi or IT infrastructure
  • VoIP Telephone systems
  • Business use TV and Monitors
  • Digital Signage
  • Security upgrades
  • Audio Visual equipment
  • Networking and Data storage
  • Air conditioners
  • Office furniture
  • Shop fittings and Fitouts
  • Kitchen equipment

Instant asset write-off for eligible businesses

Under the instant asset write-off, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use.

Instant asset write-off can be used for:

  • multiple assets as long as the cost of each individual asset is less than the relevant threshold
  • new and second-hand assets.

It cannot be used for assets that are excluded from the simplified depreciation rules.

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. This depends on when the asset was purchased, first used or installed ready for use.

Recent changes

From 12 March 2020 until 31 December 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).

On this page:


Eligibility

Eligibility to use instant asset write-off on an asset depends on:

  • your aggregated turnover (the total ordinary income of your business and that of any associated businesses)
  • the date you purchased the asset
  • when it was first used or installed ready for use
  • the cost of the asset being less than the threshold.

If you run a small business and choose to use the simplified depreciation rules, you must use instant asset write-off on all eligible assets.

Businesses with an aggregated turnover of $500 million or more are not eligible to use instant asset write-off.

From 1 January 2021 the instant asset write-off will only be available for small businesses with an aggregated turnover of less than $10 million and the threshold will be $1,000.

$20,000 INSTANT ASSET WRITE-OFF!

on New or Used
Business assets?

Due to more stringent Lending conditions under the COVID-19 pandemic, additional information, requirements and conditions may apply. Some product offers and options may have been restricted or changed under COVID-19.

In addition, Lending to non-essential or notably effected Industries has restricted.  Please contact us to see what options are currently available for your Industry or your business.

Copyright 2018 Commercial Finance
Corporation Pty Ltd .  All rights reserved.
Commercial Finance Corporation Pty Ltd
ABN 21 059 622 356

 

Australian Credit Licence 394741

 

Disclaimer- All applications are subject to the Lenders approval and discretion. Rates on offer may change at any time, fees and charges will apply. All Self-Declared loans are only for registered ABN holders. Fees and Conditions will apply