SMALL BUSINESS ACCOUNTING SERVICES NOOSA.
The $20,000 instant asset write-off for small businesses has been extended to 30 June 2018!
The ATO small business newsroom released an article on 2 January 2018 stating the below:
If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018.
You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
- you have a turnover less than $10 million, and
- the asset was first used or installed ready for use in the income year you are claiming it in.
Assets that cost $20,000 or more cannot be immediately deducted. They will continue to be deducted over time using the general small business pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.
More information : If you require assistance or further information about what you can claim as a small business, please contact your Stratogen Small Business Accountant.
Helpful link : The ATO Small Business Newsroom »
More small business accounting tips & information
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- $20,000 instant asset write-off for small business
- Small business tax concessions
- Small business accounting – simpler BAS from 1 July 2017
- ATO Tax Essentials Workshops Noosa
- Is your small business SuperStream compliant?
- Small business capital gains tax concessions
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Noosa Small Business Accounting & Advisory Services Sunshine Coast
Additional business services include tax minimisation structuring, business valuations and due diligence, business restructuring and audits. We also provide professional bankruptcy and insolvency advice to Accountants, Financial and Legal Advisers, Corporations and Individuals. Our primary goal is to ensure all parties are treated with respect.
Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast. Our expertise is unparalleled and thus we work with clients residing and working in Noosa, Mount Isa, interstate around Australia and internationally.