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Https://treasury.gov .au/sites/default/fi Les/2020-03/Fact_she Et-Support_for_busin Ess_investment.pdf

Fact_sheet-Support_for_business_investment.pdf
Preview of https://treasury.gov .au/sites/default/fi les/2020-03/Fact_she et-Support_for_busin ess_investment.pdf
🔗 Source: treasury.gov.au
📊 Size: 213 KB
👤 Author: Australian Government
⬇️ Downloads: 75

Summary

The Australian Government is introducing two business investment measures to help the economy withstand and recover from the economic impact of Coronavirus. The measures are designed to support over 3.5 million businesses with aggregated annual turnover of less than $500 million, employing more than 9.7 million employees.

The first measure increases the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expands access to include all businesses with aggregated annual turnover of less than $500 million until 30 June 2020. This will provide cash flow benefits for businesses, allowing them to immediately deduct purchases of eligible assets each costing less than $150,000.

The second measure introduces a time-limited 15-month investment incentive, called Backing Business Investment (BBI), to support business investment and economic growth over the short-term by accelerating depreciation deductions. The BBI allows eligible businesses to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset's cost.

Both measures are estimated to have a significant impact on the economy, with the IAWO expected to lower taxes paid by Australian businesses by $2.5 billion over the next two years, and the BBI expected to lower taxes paid by Australian businesses by $6.7 billion over the next two years.

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Description

The Australian Government is introducing two business investment measures to help the economy withstand and recover from the economic impact of Coronavirus.

Technical Information

  • File Format: PDF
  • File Size: 213 KB
  • Pages: 4
  • Language: EN
  • Author: Australian Government
  • Total Downloads: 75
  • Last Updated: 1 month ago

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