SUBJECT – $20K Instant Asset Write Off
Hi I'm Justina Wongso, Structures Advisor for Young Entrepreneurs and start ups 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, Justina Wongso or one of our experts will be more than happy to help.