SUBJECT – $20K Instant Asset Write Off
Hi I'm Barbara Keating, Accountant and small business specialist at MWL Financial Group.
At the time we prepared this video the ATO were allowing a deduction for small business for asset purchases up to $20,000. Small businesses are defined as ones with turnovers less than $10,000,000 and the provision lasts until 30 June 2019.
Its in part a small section of the small business taxation simplification measures. Rather than putting assets with a useful life of more than 12 months on a depreciation schedule small businesses are allowed to claim them in full in the year in which they are purchased.
Understanding this provision and the taxation impact of assets less than $20,000 where cash flow will not be impinged can all be a part of a balanced taxation strategy.
For more information contact us at firstname.lastname@example.org and either me, Barbara Keating or one of our experts will be more than happy to help.