Instant asset write-off increased and extended
The threshold has increased to $30,000, and has been extended to 30 June 2020.
The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million.
These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:
- $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
In working out the amount you can claim, you must subtract any private use proportion.
The balance (that is the proportion used in earning assessable income) is generally the taxable purpose proportion. While only the taxable purpose proportion is deductible, the entire cost of the asset must be less than the threshold.
Information taken from from the ATO website.
Example: Immediate write-off
On 29 May 2019 Fiona buys a new Lotus Laser Blu100 for $22,000+gst that she uses 100% of the time for business purposes.
Fiona calculates her instant asset write-off as 100% (the business use proportion) of $22,000+gst so she claims the entire cost.
ASK US TODAY WHICH MACHINES
QUALIFY FOR THE INSTANT WRITE-OFF!
Need a larger work area and more laser power at a lower price point?
Introducing the Lotus Laser Blu DC Laser System.
Designed, assembled, wired and tested in the UK, the Blu DC laser systems are ideal for price-conscious markets such as education, home businesses, first machine buyers and hobbyists to name just a few.
This large machine (1000 x 600mm) qualifies for the instant tax write-off incentive!
highest quality motion control system and most features on the market
Epilog Laser Mini 24
Top-of-the-line CO2 laser system utilized by customers for the highest-quality engraving and cutting of wood, acrylics, plastics, stone, and much more.
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Vision 1624 Pro Engraver
Ideal for light- to heavy-duty applications in a medium-size engraving area. Offering a 16″ x 24″ aluminum T-slot table, this wood, plastic and metal engraving machine has set the precedent for quality in the industry.
This pro engraving system qualifies for the instant tax write-off incentive!