$30,000 instant asset write-off

$30,000 instant asset write-off reminder

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).

If you are serious about business growth and opportunities, we want to work with you. WA entrepreneurs, startups and established business owners – as long as you have the vision, Omnis Group has the know-how to get you there, and we’re Xero cloud accounting specialists. Read more here or call us in Perth today on 08 9380 3555.

Further reading

Small business instant asset write-off