The “Small Business Instant Asset Write Off” measures have been expanded to include not only small businesses and the threshold increased. The Federal Government proposal announced in January 2019 mentioned in our last blog and some more changes have been legislated and approved.
The new “Instant Asset Write Off” changes are:
– Businesses can claim an deduction for the full cost of new depreciable asset purchases that cost up to $30,000.
– Businesses eligible for this will have annual turnover of up to $50 million. Previously it was limited to small businesses with up to $10 million annual turnover.
– This applies for purchases dated from 2 April 2019 to 30 June 2020.
The instant asset write off thresholds for small businesses with annual turnover up to $10 million are:
– Purchases up to 29 January 2019 – $20,000.
– Purchases from 30 January 2019 to before 7:30pm on 2 April 2019 – $25,000.
– Purchases from 7:30pm on 2 April 2019 to 30 June 2020 – $30,000.
Please contact us to find out more on how your business could benefit from this measure.
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.