$20k Instant Asset Write-Off

Mar 18, 2019

The end of the financial year and the deadline for the ATO's $20k Instant Asset Write-off scheme is fast approaching, but there is still time to take advantage of this useful rebate on business assets.

Here, we've answered a few questions you might have about the scheme.

How can I claim small business write-offs?
With the aim of encouraging small business, if you have a registered business (i.e. you have an ABN) and your business turned over less than $2 million in a year, then you can claim.

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How much can I claim?
Businesses can buy any machinery or equipment related to their business if each item is valued at less than $20,000. You can claim the full amount from your income to reduce your tax bill. There is no limit on the number of items a business can claim.

What can I claim?
Cars, vans, utes, trailers, motorbikes, lawnmowers, ovens, fridges, coffee machines, other machinery, kitchens, tables and chairs, carpets, printers, photocopiers, tools, welding equipment, saws, generators, pumps, solar panels, heating, hot water units, water tanks, air conditioning units, sound and security systems, computers – any item used for running the business – will be 100% tax-deductible.

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What can't I claim?
Capital works, assets already allocated to low-value pools, assets leased out more than 50% of the time on a depreciated asset lease, horticultural plants and in-house developed software do not qualify.

If my item is over $20,000 can I still claim it? 
Yes, but the value of items over that amount qualifies for less generous and more complicated tax breaks associated with depreciation.

When does this scheme end?
Although the initial period was for two years from May 12, 2015, to June 30, 2017, the Australian Tax Office has extended the scheme to June 30, 2019. Enough time to get your new Point of Sale system installed.

Need more info on the $20k Instant Asset Write-off? Call us on 1300 784 666 or drop us an email . 

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