$20,000 instant asset write-off extended

17 January 2018,

The Australian Tax Office has confirmed that the write-off threshold for Assets purchased for less than $20,000 has been extended to 30 June 2018.

This write off allows you to 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 can find out more at https://www.ato.gov.au/Newsroom/smallbusiness/General/Grow-your-business/?sbnewsA20180117

Please remember that you should always receive tax advice for your specific situation from a registered tax agent or BAS agent.

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