In Instant Asset Write-Off Scheme, any asset whose depreciation is ordinarily allowed over five, ten, or fifteen years can be depreciated in the same year. The asset must be used or installed for business reasons before the government mentioned the deadline.
Due to COVID-19 pandemic in Australia, many businesses and farmers struggle to maintain their day-to-day operations. Because of this Australian Government introduced an instant asset tax write-off scheme to help small businesses and farmers. Visit this article to learn more.