The government has made a few changes in regards to the Instant Asset Write Off for the 2022 and 2023 financial years because there has been an extension made to the Federal Government’s Coronavirus Stimulus Package.
The Instant Asset Write-Off threshold increased from $30,000 to $150,000 (net of GST) per asset acquired.
The Instant Asset Write-Off scheme has now been extended and is known as ‘temporary full expensing’. It covers the period from 7.30pm AEDT on 6 October 2020 until 30 June 2023 (as per the 2021–22 Federal Budget).
Within this extension, depreciation amounts can be written off without a cap until 30th June 2023.