Instant Asset Write-Off of $20,000
Small businesses with a turnover of less than $10 million (GST exclusive) can claim immediate tax deductions for individual assets that cost less than $20,000 (GST exclusive). This includes individual assets that form part of a set.
The immediate write-off applies to both new and second-hand assets that are used in the business, as long as they are installed and ready for use by 30 June 2018. In the recent budget the government proposed to extend this to 30 June 2019.
After 30 June 2019, the immediate write-off will revert to assets under $1,000. However, assets costing $1,000 or more will be depreciated using the small business general pool. The whole balance of the general pool can still be deducted if it is less than $20,000 at the end of an income year.
The Money Edge | Bundaberg