The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second-hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
This now applies to assets that cost up to $30,000 and which were purchased and first used or installed ready for use from 7:30pm (AEDT) on 2 April 2019 to 30 June 2020.
Medium sized businesses may purchase and claim a deduction for each asset that costs less than the $30,000 threshold.
For assets over $30,000 the general depreciation rules apply (which may depend on the entity).
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.