Accountability

$20,000 Small Business Tax Write-Off

Alan McGillivray - Tuesday, November 27, 2018

Remember! The $20,000 instant asset write-off threshold has been extended to 30 June 2019.

If you are a small business, you can immediately deduct the business portion of most assets that cost less than $20,000 each if they were purchased:

* from 1 July 2016 to 30 June 2019, and your turnover is less than $10 million

* from 7.30pm on 12 May 2015 to 30 June 2016, and your turnover is less than $2 million.

This deduction is used for each asset that costs less than $20,000, whether new or second-hand. You claim the deduction through your tax return, in the year the asset was first used or installed ready for use.

For more info contact us or visit the ATO website.


About Alan McGillivray & Associates

With more than 20 years experience, we service clients ranging from small businesses to medium sized enterprises up to $50M in turnover. Our goal is to help you achieve success in growing your business sustainably and profitably.

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