Instant tax write-off for small business assets extended
The Prime Minister has announced that, from 29 January 2019, the instant asset write-off scheme will be extended so that it is available to small businesses until 30 June 2020. It is proposed that the threshold for the assets purchased under the scheme be increased from $20,000 to $25,000.
The scheme allows small businesses to claim a tax deduction for the purchase of a new or second-hand asset costing less than $25,000, instead of depreciating the cost over several years. There is no limit on how many assets may be claimed.
It is important to note that this change must be passed by parliament. The government intends to introduce a Bill when parliament resumes on 12 February 2019.
If you would like more information about the instant write off.
Please call our office to discuss how this can assist your business.