Recently the Federal Government extended the instant asset write-off [or ‘tax break’] for another year and increased the threshold from $25,000 to $30,000.
The Australian Taxation Office states that: businesses with a turnover from $10 million to less than $50 million may now be eligible for the instant asset write-off for assets purchased for less than $30,000 each from 7.30pm (AEDT) 2 April 2019 to 30 June 2020.
- Whether it’s end of financial year or end of calendar year, it’s always a good time to invest in your business.
Taking advantage of the instant asset write-off is a great way to help grow and protect your business.
5 easy ways to use the tax break to your advantage
- Conduct a review of your business
- Highlight areas that could be benefited with the tax break
- Contact your tax professional
- Create a ‘shopping list’
- Make your purchase and get ready to claim
Protect your business
At PR Power Australia, we’re all about helping you to protect your business! So, you may wish to consider our range of reliable products for your ‘shopping list’:
Disclaimer: This article is provided for information purposes only and is correct at the time of publication. It should not be used in place of advice from your accountant. Information has been sourced from the Australian Taxation office via their website https://www.ato.gov.au/Tax-professionals/Newsroom/Your-practice/Instant-asset-write-off-increased-and-extended/. We suggest to speak to your tax professional for further advice specific to your individual business needs.