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Simplified depreciation rules – instant asset write-off
March 2018

 

The $20,000 instant asset write-off threshold has been extended until 30 June 2018.

If you are a small business, you can immediately deduct the business portion of most assets that cost less than $20,000 each if they were purchased:

  • from 1 July 2016 to 30 June 2018, and your turnover is less than $10 million
  • from 7.30pm on 12 May 2015 to 30 June 2016, and your turnover is less than $2million.

This deduction is used for each asset that costs less than $20,000, whether new or second-hand. You claim the deduction through your tax return, in the year the asset was first used or installed ready for use.

 

If you would like more information please contact us.
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