Have you heard the new details of the government’s instant asset write-off scheme? Essentially it allows for immediate tax write-off of assets valued up to $30K.
There’s some terms and details to check before you proceed (we’ll give you an insight below), but your new asset could include a new work ute, office equipment or any other asset used in your business.
How to be eligible for the $30K asset write-off
Purchase, install and use your new asset after April 2nd 2019.
Sounds simple right? Well, you may need to check with us if you purchased your asset earlier in the year, as the date of the federal budget have created some tiers to what is claimable and what must be depreciated:
- Before Jan 29 2019 = $20,000 threshold
- After Jan 29, 2019 and before April 2 2019 = $25,000 threshold
- After April 2 = $30,000
At this stage, from July 1st 2020, the threshold reverts to $1,000 for small business entities only. Medium-sized business will need to work out their asset’s decline in value under the ordinary depreciation provisions after 30 June 2020.
This new $30K asset write-off threshold is set to be welcomed with open arms by many businesses, large and small – as it was designed to be. Both houses of Parliament passed this change to the federal budget within 48hours, so even the government is keen for businesses to benefit from it.
Looking for a new business asset yourself? Well, if it costs money, we can help you get finance for it, and you can get yourself a tax benefit …
Get in touch with @Finance today and you’re good to go.
Call 1300 469 840 or email us: email@example.com