In the recent Federal Budget the $20,000 immediate asset write-off has been extended for 12 months to 30 June 2019.
Therefore, if you were looking to get a new asset before the end of the year, you are not restricted by making sure it was “ready-for-use” before 30 June this year. This may include getting a new motor vehicle or machinery built by this date.
The $20,000 immediate asset write-off means that a small business can claim a complete deduction for assets costing less than $20,000. In the past, assets of this size need to be written off over a number of years as depreciation.
Also, another year of the $20,000 write-off may mean that your business pool can be written off from 1 July 2018. The entire balance of the pool can be deducted in an income year when the balance before the calculation of depreciation is less than $20,000.
If you are in this position at 1 July 2018, an additional $20,000 write-off may be available to your business.
If you would like to go through the matter with us further, please do not hesitate to contact us.
Please contact Integrity One if we can assist you with any of your financial needs.
Phone: (03) 9723 0522
Suite 2, 1 Railway Crescent
Croydon, Victoria 3136
This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.