21 May 2019
Thinking of purchasing assets for your business?
The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.
If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.
Different thresholds apply for assets purchased before that date:
You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold.
Assets that cost $30,000 each or more can't be immediately deducted. You can continue to deduct them over time using the small business pool.
From 2 April 2019, the instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million.
Remember, registered tax agents can help you with your tax.
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You could get an additional two weeks to lodge and pay by going online.
Make sure you know the threshold amounts that apply.
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