Brisbane's Accounting & SMSF Specialists

Tag: INSTANT ASSET WRITE OFF

$20,000 INSTANT ASSET WRITE OFF EXTENDED FOR A FURTHER 12 MONTHS

$20,000 INSTANT ASSET WRITE OFF EXTENDED FOR A FURTHER 12 MONTHS

Small business, Tax
As a result of the 2017-2018 Federal Budget announcements, the instant asset write-off of $20,000 for small businesses has been extended for a further 12 months. The write-off was due to be reduced to $1,000 by 30 June, 2017. However, the government has decided to extend it, which gives businesses the opportunity to use the write-off for a further 12 month period until 30 June, 2018. Here is what you need to know: To access the write-off your business must be trading, and must have an aggregated turnover of less than $10 million. The aggregated turnover is the annual turnover of all businesses associated with the entity, including any affiliates or entities connected with it. The asset must be used or installed and ready for use prior to 30 June, 2017. Second hand goods q...