Please Note: This article is no longer available due to an update on 4 April 2019.
The Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019 was passed by the House of Representatives and Senate on 4 April 2019. The amendment increases the threshold of the scheme to $30,000 and expands eligibility to medium-sized businesses with a turnover of less than $50 million.
We have written an extensive article on the Amended Instant Asset Write-Off scheme which you can access here.
The Instant Asset Write-Off can be a useful tax planning tool for businesses who want to bring forward capital expenditure. If you have the cash flow available, and have been planning an asset purchase, now might be a good time for you to take advantage of this opportunity.
If you are considering purchasing business assets, make sure you have a chat with your accountant first. Not only can we advise if this is the right time to utilise the Asset Write-Off scheme, we can also ensure your business, dates and purchase are eligible.
Feel free to contact us for further advice. You can reach us on 07 3023 4800 or at firstname.lastname@example.org.
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