Ease the burden on your business with an instant asset write off and have the necessary cash flow to invest in assets that will help your business thrive. The 2020-21 budget has accounted for the hardships that many small businesses will have faced as a result of the effects of COVID-19.
The low-value asset threshold for depreciation is from $500 to $5,000. This will allow you to deduct the full cost of your business assets with a value of less than $5,000 in the year they purchased them. This is instead of having to spread the cost over the life of the asset. The low-value threshold will be raised further to allow the immediate expensing of assets purchased on or after 17 March 2020 that cost less than $5,000.
The Government is only raising the threshold for a short time until 16 March 2021. They’re doing this so you and other business people keep investing in their businesses throughout the COVID-19 outbreak.
For assets purchased on or after 17 March 2021, this threshold will be permanently increased from $500 to $1,000.
Rhima has a range of washing equipment to suit your needs. Rhima are able to help your business find the right solution to your ware washing needs.
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