Great news for small businesses!

The Australian Government have increased the threshold of the current instant asset write-off scheme to $30,000+GST and extended this until 30th June 2020.

(If you’re not registered for GST you can claim items up to $30,000 including GST, if you’re registered for GST you can claim items up to $33,000 including GST.)

The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.

Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:

  • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
  • $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
  • $20,000, before 29 January 2019

Available on all SME brands;

Walker Mowers, BOB-CAT Mowers, Razorback 4WD Brushcutters, Green Climber Mowers, Turflynx Autonomous Mowers and Steiner Tractors.

Credit: https://www.ato.gov.au/Tax-professionals/Newsroom/Your-practice/Instant-asset-write-off-increased-and-extended/




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