Instant Asset Write Off
Assets (including cars) that are available for use and used in businesses with an annual turnover of less than $10 million are entitled to claim 100% depreciation at the time of purchase. This benefit is available to assets within the following cost criteria:
- Up to $20,000 (excl GST) from 1 July 2018 to 28 January 2019;
- Up to $25,000 (excl GST) from 29 January to 2 April 2019;
- Up to $30,000 (excl GST) from 3 April to 30 June 2019.
The assets can be new or second hand. So, when considering new purchases or improvements to existing equipment make sure to consider some under the $30,000 threshold to benefit from the immediate tax benefit.
NBC are experts in tax and cloud accounting solutions. We invite you to contact us if you are interested in discovering more ways to maximise the financial benefits for your business.