Did you know the 100% tax write off is still available to businesses in Australia? So if you have been thinking of buying that bit of machinery or perhaps software, you have until June 30 to get it into this tax year.
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.
For more details on the above, visit The Australian Taxation Office. Qualify your limits with a registered tax agent.
Get in touch with me, [email protected] if we can be of service with the above.