The write-off threshold of $20,000 has been extended to 30 June 2018.
Basically if you buy an asset, presuming it costs less than $20,000, you can immediately deduct the business portion in your tax return.
Although it is important that we know that the $20,000 threshold will reduce to $1,000 from 1 July 2018.
Are You Eligible?
Businesses are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset, being new or second hand, which costs less than $20,000 if:
- have a turnover less than $10 million, and
- the asset was first used/installed (ready for use) in the income year you are claiming it in.
Find out more by contacting your accountant at Rubiix Business Accountants by calling (03) 9603 0066