$30,000 instant asset write-off
The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium-sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
This now applies to assets that cost up to $30,000 and which were purchased and first used or installed ready for use from 7:30pm (AEDT) on 2 April 2019 to 30 June 2020.
Medium sized businesses may purchase and claim a deduction for each asset that costs less than the $30,000 threshold.
For assets over $30,000 the general depreciation rules apply (which may depend on the entity).
For assistance please contact our office on (07) 4151 8898.
The Money Edge | Bundaberg