In this edition:
The popular instant asset write-off for small business has been extended and increased. The new laws:
The threshold has changed over the last few years and during the financial year 2019 as shown in the table below.
Assets will need to be used or installed ready for use between budget night and 30 June 2020 to qualify for the higher threshold. Items purchased but not installed ready for use by 30 June 2020 will not qualify.
The instant asset write-off only applies to certain depreciable assets. There are some assets, like horticultural plants, capital works (building construction costs etc.) or assets leased to another party on a depreciating asset lease that don't qualify.
If you need assistance to ensure you are making the most of the instant asset write-off, please contact us.
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Baulkham Hills, NSW 2153 Australia
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(02) 9899 3044
F: (02) 9899 1524
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