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Instant tax write off for small business assets under $30,000


When does it finish?

“Limited time offer,” with the instant deduction applying to assets purchased until 30th June 2019 - Last day for this financial year..

What is it all about?

In any small to medium size business, cash flow is a number one concern. These measures essentially mean that a taxpayer can bring forward deductions where they wouldn’t otherwise have been able to do so. Any small to medium size business with a turnover of less than $50,000,000 can purchase assets up to the value of $30,000 and get an immediate tax deduction for them rather than having to write them down over the following years. In addition, assets valued at $30,000 or more can continue to be placed in the small business simplified depreciation pool (the pool) and depreciated at 15% in the first income year and 30% thereafter. The pool can also be immediately deducted if the balance is less than $30,000 over this period (including existing pools).

What is a depreciating asset?

 A depreciating asset is an asset used in a business that has a limited effective life and is expected to decline in value over the period you use it. Vehicles, cafe furniture and kitchen equipment are depreciating assets. Land, computer software, items of trading stock and certain intangible assets (goodwill) are not depreciating assets.

Who is eligible?

Any small to medium size business or sole trader with an Australian Business Number is eligible for the tax deduction as long as their business has an annual turnover of less than $50 million.

Can I only claim $30,000?

No, you can claim as many products under $30,000 as you desire. There is no limit.

If I want to buy something over $30,000 can i still claim any deductions?

Yes. Any items over $30,000 can be added together (pooled) and depreciated at the same rate. These assets are depreciated at 15 per cent in the first income year and 30 per cent per year thereafter.