Financial Focus: Instant Asset Write Off

Thinking of purchasing assets for your business?

Well in April the Federal Government unveiled the 2019-2020 federal budget, where they announced that the instant asset write-off has increased from $25,000 to $30,000. Previously the write-off was only available to small businesses with a turnover less than $10 million however this turnover threshold has also increased to $50 million.

This initiative allows businesses to write-off up to $30,000 of their asset expenditure (for new or second hand assets) against tax instantly rather than claiming the deductions over several years. You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold.

This scheme has previously had a big impact on small businesses and with this extension more businesses will be able to claim the write-off.

Contact one of our friendly brokers today, who can help organise the finance for your asset purchase and we even have access to no financials lending products, which can make securing finance a lot easier.