30k asset write-off for small businesses
SME businesses across the geospatial industry have reason to celebrate following changes to the instant asset write off.
The Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019 was passed by the Senate and the House of Representatives less than 48 hours after being announced.
The amendments mean that there will be three tiers for businesses earning under $50m and their accountants to consider within the 2019 financial year.
- $20,000 threshold for depreciable assets that are acquired before 29 January 2019
- $25,000 threshold for assets first used or installed between 29 January 2019 and 2 April 2019
- $30,000 threshold for assets first used and installed after the 2 April budget announcement and before 1 July 2020
From 1 July 2020, the threshold reverts to $1,000 and is only available to small business entities only.
What will $30,000 get me?
*You should always consider seeking independent legal, financial, taxation or other advice before purchasing