The write-off threshold of $20,000 has been extended to 30 June 2018.
If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return – BUT HURRY, as this will reduce to $1,000 from 1 July 2018.
You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
- you have a turnover less than $10 million, and
- the asset was first used or installed ready for use in the income year you are claiming it in.
We can assist if you have any questions in relation to this extension, please email firstname.lastname@example.org or phone (07) 3863 9444.
This information does not constitute financial or legal advice and is for general information purposes only. Please contact DLA Partners for specific advice relating to your particular circumstances.