From 2 April 2019, businesses with a turnover of less than $50 million can claim a deduction of up to $30,000 for the business portion of each asset purchased (new or second-hand).
This has been increased from the previous version of the scheme, where businesses with a turnover of under $10 million were able to claim instant asset-write offs of up to $25,000.
The cut-off has also been extended to 30 June 2020, meaning any asset up to the value of $30,000 purchased and first used or installed ready for use between 7:30pm (AEDT) on 2 April 2019 and 30 June 2020 is eligible for an instant write-off.
Businesses with a turnover of under $10 million are also still eligible for the previous scheme and can claim deductions up to the following thresholds:
$30,000 from 7:30pm (AEDT) on 2 April 2019 until 30 June 2020
$25,000 from 29 January until before 7:30 pm (AEDT) on 2 April 2019
$20,000 before 29 January 2019
To learn more and find out how to calculate your instant asset write-offs, visit the ATO website.
Take advantage of the instant asset write-off and find out more about our product range! Contact Air-Met Scientific on 1800 000 744 to speak to one of our friendly representatives.
