Good news! The instant asset write-off limit has now been increased to $30,000, when certain conditions are met. While this is wonderful news for small businesses, it also means there is a more complex system to navigate for 18/19 financial year. We’ve broken down the basics for you here.
Timing is critical in claiming these deductions. Some specifics of the assets and timing are listed below.
For businesses with a turnover of up to $10 million:
For businesses with a turnover of up to $50 million:
Get in touch if you have some questions about instant asset write-off this year.