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Parliament has enacted important changes to the income tax law relating to the threshold for the instant asset write-off that will benefit rideshare drivers.

The relevant amending Bill received Royal Assent on Saturday 6 April 2019 and is now law.

The instant asset write-off threshold below which relevant expenditure on depreciating items (such as cars and mobile phones) needs to be to obtain an immediate income tax deduction has been increased to $30,000 (up from $20,000 and $25,000).

Also access has been expanded to medium-sized businesses with an annual turnover of less than $50 million (up from $10 million),

Both of these changes apply from 7.30 pm (AEDT) on 2 April 2019 to 30 June 2020.

These changes come on top of an earlier change to increase the instant asset threshold from $20,000 to $25,000 from 29 January 2019.

The date by which relevant purchases need to be made has been extended from 30 June 2019 to 30 June 2020.

This means that the relevant thresholds are now:

(1) $20,000 for purchases made up to and including 28 January 2019;

(2) $25,000 for purchases made on or after 29 January 2019 and up to just before 7.30 pm AEDT on 2 April 2019; and

(3) $30,000 for purchases made from 7.30 pm on 2 April 2019 through to 30 June 2020.

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