On the 29th January 2019 the Morrison Government announced that Small Businesses will get an extra tax break with the instant asset write-off extended through until 30th June 2020.
Small businesses get a break!
In great news for small businesses, the tax break will be lifted immediately to cover assets worth up to $25,000 (increased from $20,000). It allows businesses with a turnover of up to $10 million a year to instantly claim tax deductions on all equipment purchases up to $25,000. Mr Morrison claimed, “Businesses can go out and invest today, whether it’s a vehicle, a piece of plant or equipment, all of it, up to $25,000, immediate write-down.”
Who is missing out?
Small business ombudsman Kate Carnell said, "It is surprising how many small businesses do not know it exists, the challenge now is to ensure that small businesses know about the instant asset write-off and are able to access it.”
Further details for small businesses.
How to maximise these opportunities.
These rules apply irrespective of whether the asset is purchased new or second-hand. There are real benefits for Small Businesses where assets form part of a business purchase and part of our commitment is knowing how to help. A Quantity Surveyor has the ability to identify and cost these second-hand assets to apply the instant write -off, maximising all claims within an ATO compliant depreciation schedule.
Contact Mintax now for further information & updates 1300 826 296 admin@mintax.com.au