In May 2017 the government extended the $20,000 instant asset write-off for small business to 30 June 2018. This means that there are less than 5 months before the instant write-off threshold reverts back to $1,000 (on 1 July 2018).
Small business taxpayers who buy an eligible asset costing less than $20,000 can immediately deduct the business portion of that asset in their tax return if:
- they have a turnover of less than $10 million;
- the asset (whether new or second hand) is first used or installed ready for use in the financial year in which the deduction is claimed.
Assets that cost $20,000 or more cannot be immediately deducted. These assets will continue to be deducted over time in the small business depreciation pool.
This is general information only and does not constitute specific legal advice. If you are concerned for yourself or a member of the community, please contact HHG Legal Group on firstname.lastname@example.org to book a 15-minute appointment at our free legal assistance clinics.
HHG Legal Group offers high service levels, without cost concerns. How? By pioneering a genuine, simple ‘client satisfaction guarantee’. If you aren’t happy, fees will be reduced.