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Short-Term Business Loans
Federal Budget 2019 — $30,000 Instant Asset Write-Off
Federal Budget 2019 — $30,000 Instant Asset Write-Off - Cigno Business Solutions
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The government has increased the instant asset write-off to $30,000 (extended to 30 June 2020 cut-off). Assets costing less than the instant asset write-off threshold are written off in the year they are first used or installed ready-for-use (new or second-hand).

This would give more small businesses in Australia access to the scheme.

$30,000 instant asset write-off

You may be eligible for the instant asset write-off if you have a turnover with less than $10 million to those with less than $50 million.

If you have a small business with an aggregated turnover of less than $10 million (from 1 July 2016 onwards) or $2 million (previous income years), you can choose to use the simplified depreciation rules.

If you purchased an asset costing less than $30,000 and it is used or installed ready-for-use from 7.30pm (AEDT) on 2 April 2019 — 30 June 2020, you can immediately deduct the business portion of most depreciating assets.

The general depreciation rules must be used for assets purchased costing $30,000 or more.

Here are the different instant asset write-off thresholds:

Date Threshold

7:30pm (AEDT) 02 April 2019 —

30 June 2020

$30,000

29 January 2019 —

before 7.30pm (AEDT) 02 April 2019

$25,000

7.30pm (AEST) 12 May 2015 —

28 January 2019

$20,000

01 January 2014 —

before 7.30pm (AEST) 12 May 2015

$1,000

01 July 2012 —

31 December 2013

$6,500

01 July 2011 —

30 June 2012

$1,000

The entire cost of the asset must be less than the threshold. The cost of an asset includes all of the items that can be attributed to its purchase and to putting the asset to use. These costs include the purchase price, transportation, appraisals, warranties, installation, and testing.

Note: You must include the taxable purpose proportion of the amount you received for the asset in your assessable income if you sell or dispose of an asset for which you claimed an instant asset write-off.

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