INSTANT ASSET WRITE-OFF INCREASED TO $150k

18Jun '20

INSTANT ASSET WRITE-OFF INCREASED TO $150k

If you are a small business owner you can immediately write off the cost of the business portion of an asset you purchase up to the value of $150,000.

This applies to businesses with an aggregated turnover of less than $500 million.

The instant asset write-off can be used for multiple assets as long as the cost of each individual asset is less than the relevant threshold.

It applies to new and second hand assets.  It cannot however be used for assets that are excluded from the simplified depreciation rules.

The instant asset write off eligibility criteria and threshold have changed over time.  You need to check your business’s eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use.  Come and talk to us we can help you claim this correctly.

 

Cheers

Andrew Meeves

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