Small Business Tax Deductions
Instant asset write-off increased and extended.
To all our small business clients preparing for the upcoming EOFY, the threshold for the instant asset write-off has increased to $30,000 and extended to 30 June 2020.
The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million.
These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
If your business has a turnover of less than $10 million, you can claim a deduction for each asset that you:
• Purchased before 29 January 2019, that cost up to $20,000
• Purchased between 29 January 2019 and 7:30PM (Sydney/Melbourne time) and 2 April 2019, that cost up to $25,000
• Purchased between 7:30PM (Sydney/Melbourne time) 2 April 2019 and 30 June 2020, that cost up to $30,000
For more information about small business tax deductions, click here.