30 July 2019
Did you know, you may be able to claim a deduction in your 2019 tax return for assets you bought for your business in the 2018-19 financial year?
Using the instant asset write-off, you can claim a deduction for each asset that cost less than the threshold that applied when the asset was first used or installed ready for use. Different thresholds apply, so make sure you check which one applies to your asset:
On your tax return, claim your instant asset write-off deduction under 'Small business entity simplified depreciation'.
The usual rules for claiming deductions still apply. You can only claim the business portion of the expense, and make sure you have records to prove it.
Assets that cost more than the relevant threshold can't be immediately deducted. You can deduct them over time using the small business pool.
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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