If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.
Different thresholds apply for assets purchased before that date:
from 29 January 2019 until before 7.30pm AEDT on 2 April 2019, the threshold is $25,000
before 29 January 2019, the threshold is $20,000.
You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold.
Assets that cost $30,000 each or more can’t be immediately deducted. You can continue to deduct them over time using the small business pool.
From 2 April 2019, the instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million.
Remember, registered tax agents can help you with your tax.
Please contact us on (03) 9562 0742 if you seek further assistance on this topic .
Source : ATO Small business newsroom May 2109
This article was originally published at https://www.ato.gov.au/Newsroom/smallbusiness/General/$30,000-instant-asset-write-off/
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