Are you a small business with a turnover of less than $10M? Have you recently purchased - or are considering purchasing - an asset that costs less than $20,000? If so, then you may be eligible to claim the $20,000 instant asset write-off.
However, we recommend that you speak with your accountant before making any asset purchases so that they can talk you through the tax implications and eligibility criteria. Spending money for the sake of it may not always be in your best interests! And depreciation rules can be tricky so it's best to find out before you commit to a purchase.
And be aware, the asset needs to be used or installed ready to use in this financial year - and the incentive ends on 30 June 2018. While there has been a push by small business to extend it, we will have to wait until budget night to see if it will continue into the new financial year. For further information, please contact our office or click here.