FOLLOWING THE RECENT FEDERAL ELECTION AND WIN FOR THE COALITION GOVERNMENT, BUSINESSES CAN LOOK FORWARD TO THE INCREASED INSTANT ASSET WRITE-OFF OF $30,000 EFFECTIVE FROM 2nd APRIL 2019 to 30th JUNE 2019
How can Small Businesses claim this immediate deduction?
- A Business can claim an immediate deduction for a depreciating asset in an income year.
- The business must be carrying on a business in that income year
- The business must have an aggregated turnover of less than $10 million.
- The asset must cost less than the Instant Asset Write-off threshold (excluding any GST for which input tax credits have been claimed);
- The asset must be purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
FOR MORE INFORMATION AND ASSISTANCE ON HOW YOUR BUSINESS CAN CLAIM THIS TAX DEDUCTION, CALL US ON 02 9970 3111 AND SPEAK TO ONE OF OUR QUALIFIED STAFF.
