3 July 2017
If you bought an asset before 1 July 2017 and it costs less than $20,000, you can immediately deduct the business portion in your 2017 tax return.
You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
Assets that cost $20,000 or more can't be immediately deducted. They will continue to be deducted over time using a small business asset pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.
The write-off threshold of $20,000 has been extended to 30 June 2018.
Remember, registered tax agents and BAS agents can help you with tax advice.
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Threshold amounts applying to cars from 1 July 2017.