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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 $150,000 (up from $30,000) and extended to 30 June 2020.

The instant asset write-off now also includes businesses with an aggregated of less than $500 million (up from $50 million).

These businesses can claim a deduction of up to $150,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 12 March 2020 to 30 June 2020.

Note:  For eligible businesses with an aggregated turnover from $10 million to less than $500 million, the $150,000 threshold applies for assets purchased from 7:30PM (AEDT) on 2 April 2019 but not first used or installed ready for use until 12 March 2020 to 30 June 2020.

Eligibility to use instant asset write-off depends on:

your aggregated turnover (the total ordinary income of your business and that of any associated businesses).

the date your purchased the asset

when the asset was first used or installed ready for use

the cost of each asset being less than the threshold

From 1 July 2020, the instant asset write-off will only be available for small businesses with an aggregated turnover of less than $10 million and the threshold will be $1,000.

For more information about small business tax deductions, click here.

*This article is of general nature. Please seek professional advice from a registered tax agent or registered tax (financial) adviser who can appropriately tailor advice for your individual circumstances. 

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