Asset Write-Off Benefits Students

Date —

9 Jun 2020

Industry Sector/s —
Vocational Education & Training, Higher Education

Summary —

The Australian Government has granted an extension to the instant asset write-off to Australian businesses until 31 December 2020, supporting investment in infrastructure. 

Key Issues —

The extension is timely for independent tertiary education providers, as they consider investment in infrastructure and equipment to support the return of students.

Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. The instant asset write-off can be used for multiple assets together (but costs less than the threshold), and for new and second-hand assets.

For eligible providers, this extension will support the delivery of quality outcomes for students in both the higher education and vocational education and training sectors through capital investment in equipment and facilities. For further information, please visit the following website: 

Australian Government Taxation Office —

 

It is advisable to contact the Australian Taxation Office (ATO) or your organisation’s financial advisor for advice on how to best make use of this opportunity. 

This measure will assist independent providers that support around 10% of the 1.5 million students in higher education and more than 80% of the 4.1 million students in vocational education and training programs. 

Member Engagement —

ITECA’s ability to play a lead role in matters associated with this issue rests on the advice and guidance of individuals serving on the ITECA Vocational Education Reference Committee and the ITECA Higher Education Reference Committee.

Further Information —

For more information on this issue please send an email to policy@iteca.edu.au or telephone 1300 421 017.  Stay up to date via Twitter @ITECAust or via Facebook at www.facebook.com/ITECAust.


Disclaimer & Copyright:


The material published on this website page is intended for general information only and is not legal advice or other professional advice.  It may not be reproduced without ITECA’s prior written consent.

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