A new financial year brings a great chance to plan ahead and help you reach your financial goals.
Federal Budget 2019: Tax (Business) Federal Budget 2019 Initiatives: Tax (business) An increase to the instant asset write-off An expansion to the instant asset write-off Small Business instant asset write-off extended Effective 2 April to 30 June 2020 The Government announced two changes in the budget in relation to the instant asset write-off for small businesses: Increasing the instant asset write-off threshold from the proposed $25,000 to $30,000 for small businesses (with aggregated annual turnover of less than $10 million) Expanding the instant asset write off measure to medium sized businesses with aggregated annual turnover of $10 million or more, but less than $50 million. This means both small and medium businesses can immediately deduct purchases of eligible assets costing less than $30,000 that are first used, or installed ready for use, from budget night to 30 June 2020. Medium businesses must acquire these assets after Budget night to be eligible as they have previously not had access to the instant asset write-off. The $30,000 threshold applies on a per asset basis. This means eligible businesses can instantly write off multiple assets.
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