Assist business purchase new equipment and decrease tax payable
The IAWO has increased from $30,000 to $150,000 and increased eligible businesses with a turnover of under $500m (previously $50m)
Businesses with a turnover under $500m which will benefit an additional 5,300 businesses and 1.9m Australians.
Proposal applies from 12 March 2020 until 30 June 2020 for new or second-hand assets first used or installed ready for use in this timeframe.
Businesses will need to wait until the new laws are passed in Parliament which is expected before 28 March 2020.
If you need assistance, please reach out to our friendly accountants on 1300 865 199 or if you would like us to give you a call, Book in your 30 minute consultation for $50 to get the answers you need today.