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Instant asset write-off increased and extended (31-05-19)

 

Big News For Small Business Owners and Sole Traders!

The Federal Government has increased the Small Business Instant Asset write-off threshold and extended the scheme!

The threshold has increased to $30,000, and has been extended to 30 June 2020.

The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses 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 more info, visit the ATO website

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