$150K Instant Asset Write Off for your new hospitality furniture

The hospitality industry has suffered greatly with the Coronavirus pandemic. To help small cafe businesses and industry get back on track, the government has increased the IAWO threshold.

Act now to take advantage of the asset write off!

Eligible businesses can instantly deduct the costs of newly purchased hospitality furniture worth up to $150,000 until 30, June 2020. You can apply through the Australian Taxation Office site.

To take full advantage of the 100% Instant Asset Write Off, you need to be quick!

Ensure you utilise the instant asset write-off support for your business before the 30, June 2020. As stated on the Australian Government website, your eligibility will depend on the following:

• your aggregated turnover (the total ordinary income of your business and that of any associated businesses)
• the date you purchased the asset and it was first used or installed ready for use
• the cost of each asset being less than the threshold.

Visit the Australian Government website to find out more.

With the looming 30 June deadline, it makes sense to act now!

The government has truly supercharged the market this year with its Coronavirus SME Guarantee Scheme and lifting the threshold amount for claimable purchases to $150,000 from the previous $30,000.

For your furniture requirements, call us at 03 9416 4412 or send us your inquiries here.