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Federal Govt $30,000 instant asset write-off

The Federal Government threshold has been increased to $30,000. If you buy an asset and it costs less than $30,000, you can write off the business portion in your tax return for the relevant income year.

Federal Government $30,000 instant asset write-off

The threshold has been increased to $30,000 from 2 April 2019.

If you buy an asset and it costs less than $30,000, you can write off the business portion in your tax return for the relevant income year.

Assets that cost $30,000 or more can't be immediately deducted. They will continue to be deducted over time using the general small business pool. You write off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $30,000 at the end of an income year.

The $30,000 threshold applies from 02 April 2019 to 30 June 2020.

Remember, registered tax agents and BAS agents can help you with your tax.

For more information please visit- https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/In-detail/Depreciating-assets/Simplified-depreciation---rules-and-calculations/?page=4

The information provided in this bulletin is of a general nature and does not take into account your  personal needs and financial circumstances. Nothing in this bulletin constitutes or should be considered to constitute legal, taxation or financial advice. Before making a decision about any of the products or services featured, you should consult with your own independent legal, taxation and financial advisors, who can advise you about your personal circumstances. For more information please visit www.ato.gov.au or speak to your tax agent/accountant.

 

Federal Govt $30,000 Instant Asset Write-off