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 replace some of your equipment, by purchasing new attachments. You will be able to instantly write-off each new attachment under $30,000. Please be aware that all assets must be used, or installed ready to use by the end of the offer period. 

A perfect opportunity to expand and grow your business! Make the most of this instant write-off and get in touch with us about your new attachments now. Call 1300 2 Digga.

Please check the condition of this government initiative with your tax advisor as we can’t guarantee eligibility and cannot provide tax advice. 

Read more about the write-off here.