The Federal Government this month announced an increase in the instant asset write-off threshold, which presents an opportunity for businesses in defence and space, to biotechnology and health.
The announcement, as part of the Government’s COVID-19 stimulus package for businesses, increases the instant asset write-off threshold from $30,000 to $150,000 and has been expanded to include businesses with an aggregated annual turnover of less than $500 million. Previously, the turnover had been $50 million.
The changes came into effect on 12 March until 30 June this year and applies on a per-asset basis.
South Australian companies are becoming increasingly recognised in defence, space, biotech and health and medical technologies. South Australia is home to leading centres of excellence like Tonsley Innovation District, Lot Fourteen, Edinburgh Parks and BioMed City – employing many of our State’s brightest to create new technologies and advancements in many fields.
The government’s announcement presents an ideal opportunity to take advantage of threshold changes to properly protect IP, such as patents, registered designs and copyright.
For further information, please see the following link: Media Release – Use Federal Stimulus to Protect Intellectual Property