As working from home is becoming further encouraged across a range of fields, this is a perfect time to carry out works on the office while the government is will write-off the cost.
For new or second-hand assets first used or installed ready for use from 12 March until 30 June 2020, the instant asset write-off threshold will be increased from $30,000 to $150,000 for businesses with an aggregated annual turnover of less than $500 million (up from the current $50 million thresholds). The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets. The threshold will revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020, however, businesses not entitled to the instant asset write off from 1 July 2020 may be entitled to the 50% investment incentive as below.
The Government is introducing a time-limited 15-month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with an aggregated annual turnover of less than $500 million per annum will be able to deduct 50 percent of the cost of an eligible asset upon installation, provided it was acquired after 12 March 2020 and first used or installed by 30 June 2021. There is no asset value threshold for this 50% investment incentive. Existing depreciation rules applying to the balance of the asset’s cost.
This is the opportunity for your business to complete those works you’ve wanted to, but didn’t want to disrupt your employees.
If you are an eligible business, this package will allow you to write-off your electrical work completed by PHM Solutions.