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Instant Asset Write Off

How to avoid triggering an ATO audit

ATO

Sometimes inconsistencies within our individual and business tax can cause significant issues at tax time and may trigger an investigation or full audit from the Australian Taxation Office (ATO). Inconsistencies can occur as a result of honest misjudgements but can also unfortunately be deliberately deceptive too.

Instant asset write off increased to 150,000

How to take advantage of the Instant Asset Write Off

Tax tips

If you are thinking about purchasing assets (vehicles, equipment, machinery or anything else) for your business before end of financial year, you may be eligible to take advantage of the government’s Instant Asset Write-Off (IAWO), which has been increased to $150,000 per asset. This could result in significant tax savings just for purchasing assets before 31 December 2020.

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