$20,000 instant asset write-off extended
Here’s the good news on claiming the cost of your business assets.
The $20,000 instant asset write-off threshold has been extended to 30 June 2019. This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000.
What does it mean for your business?
Your business must have a turnover of less than $10 million to take advantage of $20,000 instant asset write-off.
Using simplified depreciation rules, you can:
- instantly claim the business portion of most depreciating assets that cost less than $20,000 in your tax return for the relevant income year
- only claim a deduction for the portion of the asset used for business or other taxable purposes and not for the portion for private use.
Assets of more than $20,000 can be put into a small business asset pool where you can claim gradual amounts each year.
What are depreciating assets?
A depreciating asset declines in value over time, such as:
- electrical tools
Original article appeared first at Business.gov.au >[wpseo_map width=”100%” height=”300″ zoom=”-1″ map_style=”roadmap” scrollable=”0″ draggable=”1″ show_route=”0″ show_state=”1″ show_url=”0″] [wpseo_address hide_address=”1″ show_state=”1″ show_country=”1″ show_phone=”1″ show_phone_2=”0″ show_fax=”0″ show_email=”1″ show_url=”1″ show_logo=”0″ show_opening_hours=”1″]