Small business instant asset write-off
Changes to the small business instant asset write-off On 29 January 2019, the Prime Minister announced that legislation will be introduced to: extend the small business instant asset write-off by 12 months to 30 June 2020; and increase the write-off threshold from less than $20,000 to less than $25,000 (effective immediately). The current threshold of […]
2019/20 Federal Budget for business
Changes affecting business taxpayers Increasing and expanding access to the instant asset write-off The Government has announced that it is increasing and expanding access to the instant asset write-off with effect from 7:30 PM (AEDT) on 2 April 2019 (i.e., ‘Budget night’) until 30 June 2020. The changes in this regard are twofold, as follows: […]
Small businesses expanded tax concessions
What’s new for Australian business? The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below: The pending increase in the small business instant depreciating asset write-off to less than $25,000 (as discussed in further detail above). Accelerated depreciation deductions for primary producers for eligible fodder storage […]
Instant asset write off
Legislation proposed to increase instant asset write-off threshold Using the simplified depreciation rules, assets costing less than the instant asset write-off threshold are written off in the year they are bought and used, or installed ready-for-use. This applies irrespective of whether the asset is purchased new or second-hand. The current threshold is $20,000. It has changed over the last […]
Fodder storage assets
More help for drought-affected farmers As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store grain and other […]
