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 peter.elkerbout@shakes.com.au for a free, no obligation consultation.
Sources:
https://www.ato.gov.au/business/small-business-entity-concessions/what-s-new-for-small-business/
https://www.ato.gov.au/Newsroom/smallbusiness/General/$30,000-instant-asset-write-off/
General disclaimer: Our firm provides the information on this website for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles on this website are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose
Recent Comments