Budget Update – Instant Asset Write-off Changes Now Law


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Instant asset write-off for small businesses

In our recent wrap up of the Federal Budget, we flagged the Government’s intention to make changes to the small business instant asset write-off.

On 6 April, Treasury Laws Amendment (Increasing the Instant Asset Write-off) Bill 2019 received Royal Assent.

This Bill makes law the announced changes, being:

  • To increase the write-off threshold for small business entities (turnover <$10m) from $20,000 to $25,000 from 29 January to 2 April.

Then from 7.30pm AEST on 2 April 2109:

  • To increase access to the write-off to businesses with turnover of less than $50m; and
  • To increase the write-off threshold from $25,000 to $30,000.
  • To set the end date off the increased write-off as 30 June 2020.

These changes give a great tax advantage to businesses looking to invest in assets between now and June 2020.

If you want more detail on the rules and how you can take advantage of them, please get in touch.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

Email Address: info@skyacc.com.au

Sky Accountants Ballarat

Phone: 1300 328 855

Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia

Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Sky Accountants Gisborne & Macedon Ranges

Phone: 03 97444522

Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437