Asset write-off has been extended

$20K writeoffThe $20,000 threshold has been recently extended to 30 June 2019.
If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year.
You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:

  • you had a turnover less than $10 million (increased from $2 million on 1 July 2016), and
  • the asset was first used or installed ready for use in the income year you are claiming it in.

The $20,000 threshold applies from 12 May 2015 to 30 June 2019 and reduces to $1,000 on 1 July 2019.
Remember, CATS4Tax is a registered tax agent and can help you with your tax for your business and your personal tax.

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