Instant asset write-off increased and extended
Attention – Business Owners
The threshold has increased to $30,000, and has been extended to 30 June 2020.
The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:
• $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
• $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
• $20,000, before 29 January 2019.
Businesses can’t immediately claim a deduction for individual assets that cost $30,000 or more. They can continue to deduct these over time using the small business pool or the general depreciation rules, depending on their turnover.
For further assistance contact Expert Tax on 0449 952 855 or 1300 8 MY TAX (1300 869 829)