30 January 2019
The small business asset write-off scheme is set to be extended for another 12 months, stretching the deadline to June 2020.
The Sydney Morning Herald reported that Prime Minister Scott Morrison announced the extension along with a $5000 increase on the total amount claimable, taking the threshold from $20,000 to $25,000.
The increase means businesses with an annual turnover of less than $10 million will now be able to claim a tax deduction for assets purchased up to the value of $25,000.
The legislation will be introduced to parliament in February with Mr Morrison calling it a “very high priority”.
For more information, contact the Shakespeare team 08 9321 2111 to discuss how the instant asset write-off scheme may apply to your individual business needs.
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