$20,000 instant asset write off extended now to 30th June 2018
Small businesses (with aggregated turnover of less than $10 million) will be able to immediately deduct purchases of eligible assets up to $20,000 first used or installed ready for use by 30 June 2018.
Assets costing more than $20,000 can be placed in a simplified depreciation pool, to be depreciated at 15% in the first year and 30% in subsequent years.
Criteria to meet include:
- Grouping won't apply. If you buy 8 computers for $3,300.00 each, they can be immediately write off.
- Applies to new and second hand assets.
- Asset must be installed and ready for use by midnight 30 June 2018
- There are some exemptions e.g. horticultural plants and assets for hire
- It only applies to assets used directly in the business.
- Sham schemes will be excluded
Need more information, please contact our office.