DVS Group has backed the Government’s stimulus package announcement in regards to the economic impacts of the COVID-19 outbreak. Under this scheme, the instant asset write off amount has been increased to $150,000* from $30,000. This package is designed to encourage industry investment and is a great step towards helping protect the Australian economy during this period of uncertainty.

DVS Group has put in the time to understand the announcement and how you can take full advantage of the benefits the package has to offer.

What Does this Stimulus Package Include?

Businesses with a turnover $500 million and below will be able to deduct 50% of the cost of an eligible asset immediately, with existing depreciation rules applying to the balance of the asset’s cost, available until 30 June 2021.

The package also expands the instant asset write-off, with the threshold to be increased from $30,000 to $150,000, and access expanded to businesses from a turnover of less than $50 million to less than $500 million, available until 30 June 2021.