Announced in yesterday’s Federal budget, tradies and small businesses can instantly claim up to $20,000 per asset for business related purchases.
What you need to know:
- The small business instant tax write off scheme has been extended for another 12 months, to 30 June 2018.
- The instant deduction is available to small to medium businesses with annual turnover up to $10 million.
- Claims must be for items and assets that are relevent and necessary to the operation of the business. This might include machinery, new tools, equipment upgrades, some electronics products and vehicles.
- You can claim as many individual purchases as you like, as long as the value of each individual asset is less than $20,000.
- The deduction is an instant write off, so you do not have to depreciate the asset over it’s deductable life span.
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