Small business entities
| Pre COVID-19 stimulus | COVID-19 stimulus | 2020-21 Budgets | |
| Instant asset write-off / temporary full expensing | |||
| 7.30pm (AEDT) 2 April 2019 – 11 March 2020 | 12 March 2020 – 7.30pm
(AEDT) 6 October 2020 |
7.30pm (AEDT) 6 October 2020 – 30 June 2023 | |
|
Aggregated turnover |
Under $10 million |
Under $10 million |
Under $10 million |
|
Threshold |
Up to $30,000 |
Up to $150,000 |
No threshold – temporary full expensing* |
|
Qualifier |
New and second-hand assets |
New and second-hand assets. First use or installed by 30 June 2021. | New and second-hand assets. First use or installed by 30 June 2023. |
| Backing Business Investment (BBI) | |||
|
N/A |
12 March 2020 – 7.30pm
(AEDT) 6 October 2020 |
N/A |
|
|
Asset cost |
– |
$150,000 and over |
– |
| First year rate – SBE using simplified depreciation |
– |
57.5% |
– |
|
Qualifier |
– |
New Div 40 assets only |
– |
| General small business pool | |||
| 7.30pm (AEDT) 2 April 2019 – 11 March 2020 | 12 March 2020 – 7.30pm
(AEDT) 6 October 2020 |
7.30pm (AEDT) 6 October 2020 – 30 June 2023 | |
|
Threshold |
$30,000 and over |
$150,000 and over |
– |
|
Qualifier |
Assets $30,000 and over can be placed in the SBE general small business pool. |
Assets $150,000 and over can be placed in the SBE general small business pool. If balance below
$150,000 at 30 June 2020 deduct in full. |
Deduct balance of general small busines pool at the end of the income year while full expensing* applies. |
*Full expensing – eligible businesses can chose to deduct the full cost of eligible assets, no value thresholds applies unless the business is using simplified depreciation rules.
This information is provided as a general guide. Information summarised from ato.gov.au. Neither BMT Tax Depreciation, nor its directors, shareholders or advisors make any representation or warranty as to the accuracy or completeness of information produced. Nor will they have any liability to you or any other party for any representations (expressed or implied) contained in, or any omissions from, this information.
https://www.ato.gov.au/general/new-legislation/the-australian-government-s-economic-response-to-coronavirus/
Medium business entities
| Pre COVID-19 stimulus | COVID-19 stimulus | 2020-21 Budgets | |
| Instant asset write-off / temporary full expensing | |||
| 7.30pm (AEDT) 2 April 2019 – 11 March 2020 | 12 March 2020 – 7.30pm
(AEDT) 6 October 2020 |
7.30pm (AEDT) 6 October 2020 – 30 June 2023 | |
|
Aggregated turnover |
$10 million – $50 million |
$10 million – $50 million |
$10 million – $50 million |
|
Threshold |
Up to $30,000 |
Up to $150,000 |
No threshold – temporary full expensing* |
|
Qualifier |
New and second-hand assets |
New and second-hand assets. First use or installed by 30 June 2021. | New and second-hand assets. First use or installed by 30 June 2023. |
| Backing Business Investment (BBI) | |||
|
N/A |
12 March 2020 – 7.30pm
(AEDT) 6 October 2020 |
N/A |
|
|
Asset cost |
– |
$150,000 and over |
– |
|
First year rate |
– |
50% asset cost + (remaining 50% x effective life rate) |
– |
|
Qualifier |
– |
New Div. 40 assets only |
– |
*Full expensing – eligible businesses can chose to deduct the full cost of eligible assets, no value thresholds apply.
This information is provided as a general guide. Information summarised from ato.gov.au. Neither BMT Tax Depreciation, nor its directors, shareholders or advisors make any representation or warranty as to the accuracy or completeness of information produced. Nor will they have any liability to you or any other party for any representations (expressed or implied) contained in, or any omissions from, this information.
https://www.ato.gov.au/general/new-legislation/the-australian-government-s-economic-response-to-coronavirus/
Large business entities
| Pre COVID-19 stimulus | COVID-19 stimulus | 2020-21 Budgets | |
| Instant asset write-off / temporary full expensing | |||
| 7.30pm (AEDT) 2 April 2019 – 11 March 2020 | 12 March 2020 – 7.30pm
(AEDT) 6 October 2020 |
7.30pm (AEDT) 6 October 2020 – 30 June 2023 | |
|
Aggregated turnover |
Over $50 million |
$50 million – $500 million |
Under $5 billion |
|
Threshold |
– |
Up to $150,000 |
No threshold – temporary full expensing* |
|
Qualifier |
– |
New and second-hand assets. Purchased on or before 31 December 2020 and installed on or before 30 June 2021. |
New assets first use or installed by 30 June 2023.
Aggregated turnover between $50 million and $500 million: Can write-off second-hand assets up to $150,000, purchased on or before 31 December 2020 and installed on or before 30 June 2021, under enhanced instant asset write-off. |
| Backing Business Investment (BBI) | |||
|
N/A |
12 March 2020 – 7.30pm
(AEDT) 6 October 2020 |
||
|
Asset cost |
– |
$150,000 and over |
– |
|
First year rate |
– |
50% asset cost + (remaining 50% x effective life rate) |
– |
|
Qualifier |
– |
New Div. 40 assets only |
– |
*Full expensing – eligible businesses can chose to deduct the full cost of eligible assets, no value thresholds apply.
This information is provided as a general guide. Information summarised from ato.gov.au. Neither BMT Tax Depreciation, nor its directors, shareholders or advisors make any representation or warranty as to the accuracy or completeness of information produced. Nor will they have any liability to you or any other party for any representations (expressed or implied) contained in, or any omissions from, this information.
https://www.ato.gov.au/general/new-legislation/the-australian-government-s-economic-response-to-coronavirus/