Medium businesses with a turnover of more than $10 million but less than $50 million

If you are a medium business with total turnover of more than $10 million but less than $50 million, you can claim an immediate tax write-off for assets costing less than $30,000 if they were purchased after 2 April 2019 and first used or installed and ready for use by 30 June 2020.

These businesses are not able to claim the immediate tax write-off for purchases before 2 April, as the immediate tax write-off provision did not apply to them before that date.

For assets costing more than $30,000, the annual depreciation rules will apply. There is also no immediate tax write-off for depreciation account balances below $30,000.

https://www.ato.gov.au/Business/Business-bulletins-newsroom/Medium-business/Instant-asset-write-off-increased-and-extended/

Leave a Reply

Your email address will not be published. Required fields are marked *

Post Navigation

Newsletter Archives

business news July 2019 car expenses motor vehicle expenses small business Small Business - March newsletter Special Budget Edition 2019-20 vehicle expenses