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Time Is Running Out!

Time is running out for you to use the $20,000 instant asset write-off.


If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018.


You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if: • you have 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.


Assets that cost $20,000 or more can’t be immediately deducted. They will continue to be deducted over time using the general small business pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.


Contact the team at Select Accounting if you have any further questions on (02) 4337 5155 or info@selectacc.com.au

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ABOUT US

We are Select Accounting located in Erina on the NSW Central Coast. We pride ourselves on delivering a variety of no-fuss accounting, superannuation, bookkeping and taxation services. We want to see our client's business thrive. 

ADDRESS

E: info@selectacc.com.au

T: (02) 4337 5155

F: (02) 4311 2380

PO Box 3327

Erina, NSW 2250

L 2, S15-16 Fountain Corporate Building 2

Next Door to 104.5 Star FM

2 Ilya Avenue

Erina

NSW 2250

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