The Government has announced that the $150,000 instant asset write-off will be extended for a further six months. It was due to finish on 30 June 2020, but will now cease on 31 December 2020.

The instant asset write-off applies to entities with turnover of between $10 million and $500 million (up from $50 million for this limited period) for acquisitions during the period from 12 March 2020 to 31 December 2020. Up to 11 March, the threshold limit had been $30,000 but was increased as a COVID-19 stimulus measure.