Looking at purchasing assets for your business?
The instant asset write-off threshold has been increased to $30,000.
If you purchase a new or secondhand asset costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.
Different thresholds apply for assets purchased before that date:
- from 29 January 2019 until before 7.30pm AEDT on 2 April 2019, the threshold is $25,000
- before 29 January 2019, the threshold is $20,000.
You may purchase multiple assets and claim a deduction provided each asset is under the relevant threshold.
Assets that cost $30,000 each or more can not be immediately deducted.
From 2 April 2019, the instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million.
Remember, your tax agent can help you with your tax.