The Australian Government had previously introduced The Instant Asset Write Off (IAWO) scheme assisting businesses with the purchase of new assets. The IAWO scheme entitled eligible businesses to claim an immediate tax write-off on new assets up to the value of $150,000 if the asset is installed and ready for use by 30 June 2023 this year.
The eligible cost of an asset previously had to be under $150,000 but in October 2022, the government announced that due to the economic implications of COVID-19, the threshold would be removed. This was due to expire on 30 June 2022, however was extended until 30 June 2023. This extension is called Temporary Full Expensing (TFE).
Business owners could lose the TFE tax break if they don’t take advantage of it now. Although several businesses are calling for an extension and/or to make the offer permanent, there is no indication that it will be extended.
It’s predicated that as of July 1st 2023, the full expensive IAWO will be replaced with a less generous one.
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