Update: Instant Asset Write Off is now $30,000!
We’ve got some great news about claiming the cost of your business assets.
In case you missed it the Instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020!
With the end of the financial year rapidly approaching, it’s time for small business owners to get moving and thinking about what actions they can take NOW to make the most of the instant asset write-off and prepare for the tax season.
The threshold applies on a per asset basis. As a result, eligible businesses can instantly write off multiple assets costing less than $30,000 that are first used, or installed ready for use, from Budget night to 30 June 2020.
Historically, the Instant Asset Write-Off has been limited to $20,000 and now it's been pushed to $30,000!
With only a couple of weeks to take advantage of the scheme for this financial year, now’s the time for small businesses to find out more about it, check out my blog 5 things you need to know about extended Instant Asset Write-Off
for more information.