by Abacus Angels | Jun 10, 2019 | Business
Instant Asset write-off thresholds
The Instant asset write-off threshold for small businesses with a turnover of up to $50 million has been increased from $20,000 to $30,000, and has been extended through until June 2020. This means that you can claim the entire cost of the asset up front rather than depreciating it over numerous years.
Businesses with a turnover of up to $50 million can get a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:
For a full list of the effective dates and the Thresholds for each asset see the table below:
If you have any questions about the instant asset write-off feel free to call one of our Angels who are always more than happy to help.