Are you eligible for the $30,000 instant asset write-off?

Did you know that if you're a small business or even a business with a turnover from $10m to less than $50m you're entitled to an instant asset write-off up to $30,000?

Of course there are if's and but's involved - so we recommend you check with your accountant or read up more on the ATO website - but's here's the bare basics:

  • You must meet the criteria set by the government that designates you a small business or other eligibility criteria 
  • Each indiviual asset must cost less than the instant asset write-off threshold amount (including gst). If they cost more then the claim cannot be immediate it is deducted over time under different depreciation rules
  • The asset must be purchased and used in the year the write-off is claimed
  • The $30,000 limit applies to each asset purchased and is not limited to one asset, it can be applied to each asset purchase
  • Certain maximum claim amounts apply depending on the date the asset was purchased and first used. 
  • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
  • $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
  • $20,000, before 29 January 2019.
  • Check out our range of Packaging Machinery and take advantage before 30th June this year!

 


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