Small business asset write-off

2015

Small business owners $20,000 asset write-off to stimulate investment and growth.

Instant write-off

New legislation passed enables small businesses (revenue less than $2M) to claim an immediate tax deduction for all assets purchased that cost less than $20,000.

Additionally, assets currently being depreciated in a small business pool will qualify for an immediate deduction where that pool balance drops below $20,000. This means that small businesses will get a tax fuelled cash flow boost when investing in new assets. To see how this works, have a look at Sam’s example.

When does the new measure start?

The new rules applies from 7.30pm AEST 12 May 2015 and will continue to 30 June 2017.

Is there anything else to keep in mind?

For those wanting to find out more about this announcement, and other small business measures, please refer to the fact sheet.

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.

Ballarat Accountants

Phone: 1300 328 855

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

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

Gisborne Accountants

Phone: 03 97444522

Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia

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

Postal Address: PO Box 270 Gisborne Victoria 3437