How to get $30K instant asset write-off
Want to claim the cost of new attachments against your tax and benefit immediately? Get in quick before the end of financial year June 30. There has never been a better time for small to medium businesses to buy! An instant asset write-off of $30,000 is now available for you until 30 June 2020, if you own and run a small to medium sized business that generates under $50million turnover annually. The extension of the instant write-off scheme had been announced by the Australian government in April 2019. What this means for you: Instead of claiming deductions over several years, the instant asset write-off scheme allows you to immediately deduct assets costing less than $30,000. And - even better - there is no limit to the number of assets a small or medium size business can claim. Let’s say you have an earthmoving business that has held its annual revenue at around $300,000 for the past three years and you are looking to expand your business in different directions or to r