If I have ordered some equipment that is eligible for the instant asset write off and there is a supplier delay that prevents the asset being installed ready for use before 30th June 2020 will that be taken into account.
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There is currently nothing in the legislation (or any government announcements to date) for the new instant asset write-off to cater for this, or to provide any flexibility in relation to the requirement that the depreciating asset be first used or installed ready for use for the period from 12 March 2020 and ending on 30 June 2020.
Source: Coronavirus Economic Response Package Omnibus Bill 2020.
Courtesy: Stephen Down, Director, AMD Chartered Accountants
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