Great news for small businesses!
The Australian Government have increased the threshold of the current instant asset write-off scheme to $30,000+GST and extended this until 30th June 2020.
(If you’re not registered for GST you can claim items up to $30,000 including GST, if you’re registered for GST you can claim items up to $33,000 including GST.)
The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds: