The instant asset write-off threshold has increased and the eligibility extended. From 2nd April, up to 30th June 2020, small businesses have the ability to immediately write-off assets purchased for less than $30,000. Medium sized businesses with turnover between $10 and $50 million now also have access to the scheme.
The instant asset write-off which now includes businesses with a turnover of $10 million to less than $50 million can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:
- $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
- $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
- $20,000, before 29 January 2019.
For small business asset advice, please contact Shane at Make Cents Accounting on firstname.lastname@example.org.