Can general pool balances under $150,000 be fully written off at 30 June 2020?
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The amendments in the Coronavirus Economic Response Package Omnibus Bill 2020 provide that if the balance of a small business entity’s general small business pool is less than $150,000 at the end of an income year that ends on or after 12 March 2020 but before 1 July 2020, then the entity can claim a deduction for the entire balance of the pool.
Source: Coronavirus Economic Response Package Omnibus Bill 2020.
Courtesy: Stephen Down, Director, AMD Chartered Accountants
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