TAX TIME IS HERE
Arguably in the adult world, the best time of the year has arrived.
It's EOFY aka car buying time.
And if you are a small business you may be eligible for the Instant Asset Write-off.
WHAT IS THE 30K INSTANT ASSET WRITE-OFF?
An instant asset write-off allows small businesses (with an annual turnover of less than $10 million) to claim immediate deductions (up to a limited amount) for new or second-hand plant and equipment asset purchases such as vehicles, tools and office equipment. The assets must first be used, or installed for use, in the income year you’re claiming for.
The Government has announced as part of the 2019 budget that it will extend the business instant asset write off deduction, increase the cost threshold to $30,000 to 30 June 2020. The $30,000 threshold applies from assets purchased from 2 April 2019.
*It is the responsibility of the customer to obtain their own tax advice with respect to their eligibility for the write‐off; and any comments we provide are not tax advice and are for general discussion purposes only and as such, cannot be relied upon.