The ATO is Extending the immediate deductibility threshold for small business

CBM Corporate / IT Blog / The ATO is Extending the immediate deductibility threshold for small business

Extending the immediate deductibility threshold for small business

On 9 May 2017, the Government announced an extension to the 2015-16 Budget measure providing an instant asset write-off provision for small business.

Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30 PM on 12 May 2015 and 30 June 2018.

This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. You can claim the deduction through your tax return, in the year the asset was first used or installed ready for use.

The current ‘lock out’ laws for simplified depreciation rules will continue to be suspended until 30 June 2018.

 

Legislation and supporting material

Legislation is being developed for this measure.

More information

 

Are you Eligible?

Call CBM Corporate today 9242 1000 to discuss your options.

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