Right now, is a great time to grow your business by investing in assets you need. That’s because, until 31 December 2020, you can claim an immediate deduction for any asset you buy for your business, up to a value of $150,000. The threshold applies on a per asset basis, which means as long as your business is eligible, you can invest in, and immediately write‑off, multiple assets. Tips and Tricks You can only write off the business portion of the cost of an asset in the year the asset is first used, or installed and ready for use, You can claim the instant asset write off on new and second-hand assets, Eligible businesses are those with an aggregated turnover of less than $500 million (i.e. the total ordinary income of your business and that of any associated businesses), and The instant asset write off cannot be used for assets that are excluded from the simplified depreciation rules. Before You Buy The instant asset write off is not a good enough reason, on its own, to invest in assets. Before you pull out your credit card, arrange a loan or dip into your savings, it’s essential to consider the following: Is the asset you’re considering part of your strategic growth plan for your business? Will the asset deliver a return that warrants the investment? Do your clients have demand and appetite for the new technology to justify the investment? Do you have the budget to pay for it now or to make repayments? Always seek the advice of your accountant. Invest, Grow, Thrive At the Ayers Group, we can connect you with experts in the field to advise you on how you can invest in driving your business through challenging times. We can also relieve you of the burden of managing your business with payroll solutions, contractor management and more. Talk to an expert from the Ayers Group today and get back to growing your business and your wealth.