$30,000 Instant Asset Write Off Scheme ends June 30
29 January 2020
Time is running out to utilise the Government’s $30,000 Instant Asset Write Off Scheme.
The scheme, which allows small businesses to write off asset purchases under $30,000, is due to end on June 30.
From April 2019, businesses with a turnover of less than $50 million became eligible for the scheme (the threshold was previously $10 million).
Each asset purchased must be $30,000 or less per item, and the asset must be used in this financial year to be eligible for the deduction.
If the asset is also used for personal purposes, you can only claim the relevant business portion, and you must keep records to substantiate this.
If you’re keen to utilise the scheme but you don’t have the funds at hand, you may consider if a commercial asset loan is appropriate for you.
If you would like to take advantage of the instant asset write off scheme but need the finance to do so, the team at Shakespeare Leasing and Mortgage Solutions can help find you the right commercial asset loan for your businesses.
Contact Peter Elkerbout at Shakespeare Leasing and Mortgage Solutions on 08 9321 2111 firstname.lastname@example.org for a free, no obligation consultation.
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