2018 ATO Tax Tips Series provided by Platinum Lending Group
Tip 2) Small Business – $20,000 Instant Asset Write-Off Extended to 30th June 2019 !
Are you a small business owner ? Your business may be eligible for the $20,000 Instant Asset Write-Off. If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year.
You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
* you had a turnover less than $10 million (increased from $2 million on 1 July 2016), and
* the asset was first used or installed ready for use in the income year you are claiming it in.
And great news ! The ATO has recently extended the threshold to 30th June 2019 !
Refer to the ATO website for full details : https://www.ato.gov.au/newsroom/smallbusiness/lodging-and-paying/$20,000-instant-asset-write-off/
To further assist with your finances Platinum Lending Group are happy to offer you a complimentary review of your current loans based on your personal circumstances to ensure you have the right loan structure to suit your personal needs. Contact us to arrange an appointment at a time that suits you https://www.platinumlendinggroup.com.au/contact-us/