Take Advantage of the Increased Asset write-off for Small Business
REPLACE OR UPDATE YOUR EQUIPMENT AND
LET THE BUDGET TAX INCENTIVES FOR SMALL BUSINESS WORK FOR YOU.
An enhanced instant asset write-off which will allow businesses to immediately write-off assets
worth up to $30,000 (this goes beyond the previously announced increase from $20,000 to $25,000)
while expanding access to businesses with a turnover of up to $50m (up from $10m).
The increased threshold and expanded eligibility will apply from now until 30 June 2020.
The Federal Government’s $30,000 instant asset write-off scheme helps small businesses to reinvest
in their business and grow by helping them to replace or upgrade their machinery and equipment.
Small businesses have an immediate tax deduction for any individual assets they buy costing less than $30,000.
The $30,000 limit applies to each individual item - Small businesses can apply this $30,000 write-off to as many
individual items as they wish. These arrangements continue until the end of June 2020.