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Covid-19 instant asset write off and accelerated depreciation
Posted by Team AVS on 21 May, 2020 0 CommentsWhile many of the COVID-19 stimulus changes such as the JobKeeper payment are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions.
The key changes for the instant asset write off include the following.
Certain business entities can access an immediate deduction for the full cost of depreciating assets costing up to $150,000 (GST exclusive).
The asset must be first used, or inst
It has been a long time coming, but a planned government amnesty for employers who have missed paying the superannuation guarantee (SG) to their employees has now become law. The amnesty was passed on 6 March 2020, and lasts until 7 September 2020.
The amnesty allows employers to make deductible payments, without penalties, of outstanding superannuation guarantee charge (SGC) amounts if:
they relate to the period 1 July 1992 until 31 March
The amnesty allows employers to make deductible payments, without penalties, of outstanding superannuation guarantee charge (SGC) amounts if:
they relate to the period 1 July 1992 until 31 March
AVS BusinessServices @ What the