Tax breaks available to both small and medium businesses for the 2019 tax return

Instant asset write-off

Businesses can claim an immediate tax write-off and reduce their tax payable when buying new business assets, but cost caps apply.

Tip! Always discuss with your adviser whenever considering buying assets or businesses. The way these assets are described, documented and the timing of purchase are important and may impact the claiming of the immediate tax write-off.

For specific information on asset write-off thresholds, please visit the link below-

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/In-detail/Depreciating-assets/Simplified-depreciation—rules-and-calculations/?page=4

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Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

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