Back in February, we reported that the Instant Asset Write-Off was being extended until the 30th June 2018. Great news! This has now been extended until the 30th June 2019! Find out more in the original article, below:
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Original Article:
Date: Thursday, 15th February, 2018
The $20,000 instant asset write-off has now been extended until the 30th June 2018 2019. This is in regard to the purchasing of an asset which costs less than $20,000 and can be immediately deducted on your business tax return. This is strictly for the business portion only. This threshold was applied from 12 May 2015, and is now available, as stated, until the 30 June 2018 2019.
As of 01 July 2019, this threshold will be reduced significantly, to $1000. If your business is eligible to use the simplified depreciation rules, the business portion can be immediately deducted, in your business tax return, on either a new or second-hand asset.
The criteria for immediate deduction is if you have a turnover of less than $10 million and the asset will be used, or installed, in the tax income year in which you plan to claim a deduction. Assets over $20,000, cannot be immediately deducted, they can only be deducted over time using a general small business pool.
For further information, please contact All Accounted 4 Bookkeeping on 0417150555, or via Facebook Messenger.