$20,000 instant asset write-off scheme extended
19 September 2018
The Senate has delivered some good news for 3.3 million eligible Australian small businesses by passing the extension of $20,000 instant asset write-off scheme.
Treasurer Josh Frydenberg recently announced the extension passed through the Senate, giving small business owners until 30 June 2019 to take advantage of the scheme.
The extension was initially announced back in May by then Treasurer Scott Morrison as part of the 2018-2019 federal budget.
What it means for Australian small businesses
- If your business has an annual turnover of less than $10 million dollars, you are eligible to claim the asset write-off
- The asset need to be purchased and first used in the 2018/2019 financial year to be eligible for the scheme
- The asset must be less than $20,000
There are a few considerations at play when determining whether the tax write off can be applied, including but not limited to:
- Whether the asset has a component of personal use
- The application of GST to the asset
The best thing to do is speak to a registered tax agent to work out the most appropriate way to take advantage of this scheme.
Contact the team at Shakespeare Group on 08 932 2111 if you’d like to discuss how the $20,000 instant asset write-off scheme may apply to your individual business needs.
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