Small businesses have the ability to immediately write-off assets purchased for less than $30,000 up to 30 June 2020. This federal budget measure increases the write-off amount from previously announced and enacted limits.
For small business asset pools, this limit of $30,000 applies for the 30 June 2019 income year as well. However, a different limit applies throughout the 2018/19 income year, depending on when the asset was first used or installed ready for use.
Also, new rules exist for medium sized businesses with aggregated annual turnover between $10m and $50m. The instant asset write-off of $30,000 applies from 2019 budget night to 30 June 2020.
