Save with an Instant Asset Write Off - BE QUICK!
Do you know about the instant asset write off…? It allows small businesses* to claim immediate deductions of up to $150,000.
The thresholds have changed recently and we recommend you check your eligibility and then take advantage – get the new printer you need, or update your PCs and laptops. There’s never been a better time.
So, what are the changes? For assets first used or installed ready for use between 12 March 2020 until 30 June 2021, and purchased by 31 December 2020, the instant asset write-off:
threshold amount for each asset is $150,000 (up from $30,000)
eligibility extends to businesses with an aggregated turnover of less than $500 million (up from $50 million)
And from 6 October 2020 until 30 June 2022, temporary full expensing allows a deduction for:
the business portion of the cost of new eligible depreciating assets for businesses with an aggregated turnover under $5 billion or for corporate tax entities that satisfy the alternative test
the business portion of the cost of eligible second-hand assets for businesses with an aggregated turnover under $50 million
the balance of a small business pool at the end of each income year in this period for businesses with an aggregated turnover under $10 million
Now’s the perfect time to upgrade your office hardware. Email us to see how we can help you take advantage before it’s too late.
*with an annual turnover of less than $500 million