$20,000 instant asset write off extended
The Australian Taxation Office(ATO) has reported that the $20,000 threshold has been recently extended to the date of 30th June 2019.
This means that if you buy an asset and it costs less than $20,000, then you can write off the business portion in your tax return for the year. This applies to both new and second hand assets purchased during a financial year. Recent changes also allow this ruling to apply to businesses with a turnover of less than $10 million which has increased from $2 million previously. The asset must also be first used or installed ready for use in the income year that you are claiming it in.
This $20,000 threshold applies from 12th May 2015 to 30th June 2019, and is set to be reduced to $1,000 from 1st July 2019.
If you need advice on your depreciation matters, then contact Ace Business and we would be happy to assist you with all of your taxation and depreciation needs.
More information can be found on the ATO Website.