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$20,000 Instant Asset Write-off

$20,000 Instant Asset Write-off

The Federal Government $20,000 threshold has been extended to 30 June 2019. If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year.

Federal Government $20,000 instant asset write-off

The $20,000 threshold has been extended to 30 June 2019.

If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year.

You are eligible to use simplified depreciation rules and claim an 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 the general small business 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 $20,000 threshold applies from 12 May 2015 to 30 June 2019 and reduces to $1,000 on 1 July 2019.

Remember, registered tax agents and BAS agents can help you with your tax.

For more information please visit- https://www.ato.gov.au/newsroom/smallbusiness/lodging-and-paying/$20,000-instant-asset-write-off/