The recent changes to the Instant Asset Write-off have complicated things for this financial year but for many clients, the changes will provide a great addition to their tax planning strategy. Here are the new rules:
- Businesses with a turnover less than $50 million are now included in the Instant Asset Write-off rules.
- Assets purchased and installed (or first used) from 7.30pm (AEDT) on 2 April 2019 – 30 June 2019 are included. These assets can be new or used.
- A deduction of up to $30,000 for the business portion of each asset qualifies for the Instant Asset Write-off.
- Businesses with a turnover under $10 million can also claim a deduction for each asset purchased and used (or installed) within various thresholds. This part is complicated so it’s best to call us for specific advice.
Making the most of the new Instant Asset Write-off changes can form part of a clever tax minimisation strategy – but only if it’s well thought out and funded. So talk to us first.
For straight-forward, practical accounting, taxation and financial advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.