September 10, 2020

The Rules Have Changed. Steve Sell  10/09/2020

$150,000.00 Instant Asset Tax Write-off.

The government has changed the instant asset tax write-off rules, most businesses can now claim an immediate deduction for the purchase of a business asset in the year the asset is first purchased and used.

The Instant Tax Asset Write-off Can be Used For:

• Each item purchased can be claimed if the cost of each individual asset is less than the relevant threshold.
• You could purchase 3 x $150,000.00 items and write off the whole amount.
• New and Used assets.
• The asset can be financed, and the tax write can still be claimed.

The instant asset write-off eligibility criteria and threshold have changed.

These are Recent Changes.

From 12 March 2020 until 31 December 2020 the instant asset write-off:

• The threshold amount for each asset is now $150,000 (this has increased from $30,000)
• The eligibility criteria have been expanded to cover businesses with a turnover of up to but less than $500 million (up from the previous $50 million threshold).

Did you Know?

$150,000.00 Instant Asset Tax Write -off

 That you can buy a new or used car under the asset write-off scheme.

$150,000.00 Instant Asset Tax Write -off.

For Australian small and medium sized business owners, the instant asset write-off scheme is a great way to upgrade:

• Plant and Equipment.
• Motor vehicles.
• Computers
• This can help support long-term growth, while reducing your taxable income.
• There has been a lack of awareness of the tax break.

ASSETS CAN INCLUDE NEW OR SECOND-HAND GOODS AND VEHICLES.

www.wacars.com.au for Quality New and Used Cars.

NEW AND USED PLANT AND EQUIPMENT, NEW AND USED TOOLS AND IT EQUIPMENT.

• You can claim for multiple assets if they are under $150,000.00.
• There is no limit to the number of assets the deduction can be claimed for.
• Beware; if the asset is for both business and personal use, you only claim a deduction on the percentage used for business purposes.
• loans123.com.aucan finance your purchase. Subject to credit criteria.
• $150,000.00 Instant Asset Tax Write -off
•  This information does not constitute financial or tax advice.

• You should check with your accountant or tax advisor that the instant asset write-off is applicable to you.
• There is no substitute for professional financial advice.
• For more information visit the ATO website.
• $150,000.00 Instant Asset Tax Write -off