ARTICLE · 12 JULY 2020

Tax Update

McCullough Robertson

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Trustees have until 31 December 2020 to exclude foreign residents as potential beneficiaries of NSW discretionary trusts.

AustraliaTax

Anushka De Alwis

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Instant asset write off scheme extended

In our April Tax Radar edition we provided a break down of the instant asset write-off scheme (which you can find here). In summary, the scheme enables businesses with an aggregated annual turnover of less than $500m to access instant asset write-offs in respect of assets worth less than $150,000.

The instant asset write off scheme has now been extended until 31 December 2020, a welcome initiative in circumstances where many businesses are commencing operation after a COVID-induced hiatus and may only now be in a position to determine what assets they require to see them through post pandemic.

The accelerated depeciation deduction scheme (also described in our April Tax Radar edition) is also available until 30 June 2021.

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