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.