Don’t worry if you’ve missed out on the Instant Asset Write Off for 2018/2019, the government scheme is still ongoing for you to claim this new financial year.
Eligible small businesses can deduct the business portion of most depreciating assets costing less than $30k each^. This can be claimed for assets purchased, installed or used before the 30 June 2020. The Instant Asset Write Off can be used for an unlimited number of assets, allowing you to take advantage of new opportunities this financial year.
How can your business benefit with the Instant Asset Write Off?
Improve your current assets
The cost of improvements made to items previously written off under this scheme are also eligible to be written off.
Claim an unlimited number of assets
There is no limit to how many assets can be claimed under the Instant Asset Write-off. Deductions of up to $30,000 may be claimed for the business portion of assets purchased, installed or used before the next EOFY.
Extended until 30 June 2020
If you missed out last financial year – don’t worry, the Instant Asset Write Off has been extended until 30 June 2020, and is now also eligible to businesses with a turnover of less than $50 million.
^ Please seek advice from your tax advisor regarding your eligibility for the Australian Government’s simplified depreciation of assets for small businesses, and how this will impact your business. Assets must be bought and used or installed ready for use to be eligible. For further information on the Australian Government’s Instant Asset Write-off Scheme, including up to date information on eligibility and the write-off threshold, see the ATO website here. Talk to an OnDeck loan specialist about how an equipment loan can help you.