Small businesses can currently claim a full deduction in its tax return for depreciable assets purchased and installed that cost less than $20,000 up to 30 June 2019.
The Federal Government announced a new proposal on 29 January 2019 to increase the instant asset write-off threshold from $20,000 to $25,000 for new depreciable asset purchases from 29 January 2019 to 30 June 2020.
Points to note:
– The announced increase to the threshold is a proposal and not yet law.
– The instant asset write-off threshold is GST exclusive.
Please contact us to find out more on how your business could benefit from this proposal.
Please note this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances.