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$30,000 INSTANT ASSET WRITE-OFF

The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.

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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