Extending The Instant Asset Write-Off
On the 9th of June 2020, the government announced that it will extend the $150,000 instant asset write off until 31 December 2020. This proposed change is not law yet as of today 16th of June 2020.
At the time of writing this, it is still unclear what the intent of the changes will mean for property owners and acquired depreciating assets as part of a property transaction. The ATO suggests that eligible businesses will be able to use the instant asset write-off provisions for the business portion of the cost of an assets in the year the asset is first used, or installed ready for use.
What does first use mean?
Date of original commissioned plant?
Does this mean that a “second-hand asset” that is currently in place and has been previously been “put in use” at the time of purchase by an eligible entity will not qualify?
Or is it a question of first use by the acquirer of the asset? Continue reading
Napier & Blakeley have been engaged in a full cost planning and cost management role, led by Adam Greene and Toby McDonald. To date we have assisted in reviewing/setting the budgets, liaising with specialist contractors, preparing estimates, value management, cost options, tender schedules, tender reviews and negotiations. Now that construction is commencing, we will be undertaking post contract services including progress claim and variation assessments, seeing the project through to completion.
The National Cricket Campus is split across the Allan Border Field (ABF) precinct in Albion that provides a world-class playing and training venue and the approved Northern Suburbs District Cricket Club (Norths) in Wavell Heights / Kalinga that will provide additional preparation and community cricket hub for elite, youth and club cricketers. Continue reading →