Effective 2 April to 30 June 2020
The Government announced two changes in the budget in relation to the instant asset write-off for small businesses:
This means both small and medium businesses can immediately deduct purchases of eligible assets costing less than $30,000 that are first used, or installed ready for use, from budget night to 30 June 2020.
Medium businesses must acquire these assets after Budget night to be eligible as they have previously not had access to the instant asset write-off.
This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.